Vermont bill proposes ban on prediction markets
House Bill 913 would also impose a $0.50 per-wager fee on sports bets.
US.- A bill introduced in the Vermont House of Representatives proposes to ban certain event contracts. The proposal has been referred to the Committee on Government Operations and Military Affairs.
Sponsored by Rep. Thomas Stevens, House Bill 913 proposes to prohibit “prediction market securities or commodities on the outcome of certain events.” The ban would cover prediction markets involving sports, contests, natural persons, politics and campaigns, disasters, war, all-hazards or death.
The initiative would also add a per-wager fee of $0.50 for all bets made through the state’s licensed sports betting operators. The proposal has support from a bipartisan group of co-sponsors, including Rep. Angela Arsenault, Rep. Tiffany Bluemle, Rep. Carolyn Branagan, Rep. R. Scott Campbell.
In January, the state’s sports betting handle was $27.4m, according to the Vermont Liquor and Lottery. That’s an increase of 14.6 per cent year-over-year. Adjusted gross wagering revenue totalled $2.6m. Winnings totalled $24.3m. Football led the market with a $7.9m handle, followed by basketball with $7.4m and tennis with $1.4m. Soccer generated $1m and e-basketball $876,268.
