Gov. Phil Scott has signed a bill legalizing online sports betting, meaning Vermont residents will soon be able to wager on their favorite teams from their phones. The bill, H.127, passed the legislature by wide margins, and Scott had said he would approve the measure. The program will be managed by the Vermont Department of Liquor and Lottery and should be up and running by the end of the year, Commissioner Wendy Knight said. Between two and six online betting operators will be permitted to participate. Online wagering is expected to generate $2 million to $10.6 million in the first two years, depending on how many operators sign up. Each company will have to pay fees of $550,000 every three years, and at least 20 percent of their gross wagering revenue annually. The percentage could prove higher if popular operators, such as DraftKings and FanDuel, agree to pay more through a competitive bid process. Bettors will have to be 21 to play. [content-1] A number of provisions in the bill are aimed at preventing gambling from getting out of control, such as daily and weekly wagering limits and a prohibition on the use of credit cards. To address concerns about problem gambling, lawmakers required an additional $250,000 be spent annually on a new program run by the state Department of Mental Health. The strongest argument in favor of the bill was that Vermonters are already regularly betting online in the black market, which robs the state of revenue and exposes gamblers to the risk of fraud. A similar argument was made to help convince the state to legalize cannabis. Scott alluded to the benefits of legalizing the industry in a statement he issued after signing the measure. “We know many Vermonters already participate in the marketplace and bringing it above board provides important resources and consumer protections,” he wrote…