Vermont Opens Betting Trades With Aim To Launch January 1st
Date: 2023-07-20 Categories: SPORTS BETTING
Vermont Opens Betting Trades With Aim To Launch January 1st
Vermont regulators have opened up the bidding process to online bookmakers who want to open a store in the state.
The RFP, released by regulators on Wednesday afternoon, marks the latest step in establishing a legal sports betting program. Applications must be submitted by August 28, and officials hope to launch new operations by January 1.
The Vermont Sports Betting Act, which the governor signed into law last month, requires the state to enter into two to six betting contracts. Betting will be available exclusively online as there are no brick-and-mortar casinos in the state.
Competitive bidding
Betting shop licenses will be awarded through competitive bidding similar to those used to award various types of contracts in the state. This process is overseen by the Vermont Department of Liquor and Lotteries, which has established a scoring system that takes into account many factors such as the operator's track record and revenue distribution.
At least four operators are expected to apply, based on those who have been involved in the regulatory process so far. BetMGM, FanDuel, DraftKings and Caesars Sportsbook earlier this month provided comments on the lottery commission's sports betting procedures.
“I'm glad we have these well-established — considering how new the industry is — operators who are interested in participating in Vermont,” Vermont Lottery Commissioner Wendy Knight told Casino.org.
Wagering requirements
The 191-page RFP outlines the requirements for potential bookmaker operators and a detailed application process. Contracts will be concluded for three years with the possibility of extension for another two years.
Applications will be judged on a 1,000-point scale with points based on various technical and revenue categories, including company financial strength, ethics, software quality, compliance, and a responsible gaming program.
Operators must pay a $550,000 fee and agree to a revenue sharing requirement of at least 20%. Additional points will be awarded to companies that agree to an additional revenue share of up to 50%.
Vermont is requesting detailed proposals, including estimated revenue projections, details of the company's operations and other jurisdictions, its promotional plans and responsible gaming program, and other requirements.
One of the goals of the sports betting program is to earn as much money as possible for the government. As part of their filing, bookmakers must submit a "plan to maximize sustainable long-term income for the state, including a detailed market analysis."
Knight said she hopes to make a decision on which applications will be selected by the end of September. This will start the negotiation process, which will probably take another couple of months for bets to be made by January.
That puts Vermont on a slower schedule than Kentucky, which also legalized sports betting this year and expects to launch its program by the start of the NFL season.
However, players should still be able to participate in some post-season activities.
"We'll get it up and running in time for the Super Bowl," Knight said.
Vermont regulators have opened up the bidding process to online bookmakers who want to open a store in the state.
The RFP, released by regulators on Wednesday afternoon, marks the latest step in establishing a legal sports betting program. Applications must be submitted by August 28, and officials hope to launch new operations by January 1.
The Vermont Sports Betting Act, which the governor signed into law last month, requires the state to enter into two to six betting contracts. Betting will be available exclusively online as there are no brick-and-mortar casinos in the state.
Competitive bidding
Betting shop licenses will be awarded through competitive bidding similar to those used to award various types of contracts in the state. This process is overseen by the Vermont Department of Liquor and Lotteries, which has established a scoring system that takes into account many factors such as the operator's track record and revenue distribution.
At least four operators are expected to apply, based on those who have been involved in the regulatory process so far. BetMGM, FanDuel, DraftKings and Caesars Sportsbook earlier this month provided comments on the lottery commission's sports betting procedures.
“I'm glad we have these well-established — considering how new the industry is — operators who are interested in participating in Vermont,” Vermont Lottery Commissioner Wendy Knight told Casino.org.
Wagering requirements
The 191-page RFP outlines the requirements for potential bookmaker operators and a detailed application process. Contracts will be concluded for three years with the possibility of extension for another two years.
Applications will be judged on a 1,000-point scale with points based on various technical and revenue categories, including company financial strength, ethics, software quality, compliance, and a responsible gaming program.
Operators must pay a $550,000 fee and agree to a revenue sharing requirement of at least 20%. Additional points will be awarded to companies that agree to an additional revenue share of up to 50%.
Vermont is requesting detailed proposals, including estimated revenue projections, details of the company's operations and other jurisdictions, its promotional plans and responsible gaming program, and other requirements.
One of the goals of the sports betting program is to earn as much money as possible for the government. As part of their filing, bookmakers must submit a "plan to maximize sustainable long-term income for the state, including a detailed market analysis."
Knight said she hopes to make a decision on which applications will be selected by the end of September. This will start the negotiation process, which will probably take another couple of months for bets to be made by January.
That puts Vermont on a slower schedule than Kentucky, which also legalized sports betting this year and expects to launch its program by the start of the NFL season.
However, players should still be able to participate in some post-season activities.
"We'll get it up and running in time for the Super Bowl," Knight said.
