The Board of Liquor and Lottery in Vermont has given the green light to the state’s sports betting procedures, laying the groundwork for the anticipated launch of the sports betting market in early 2024. With the approved regulations in place, the state is now poised to solicit proposals from potential operator partners. Interested operators must commit to contributing a minimum of 20% of gross gaming revenue to the state to be eligible for consideration.
Regulatory Approval and Procedure Clarity:
Vermont’s Board of Liquor and Lottery has granted approval for the state’s sports betting procedures, providing clarity on the operational framework for prospective operators. The regulations have undergone refinement to address public comments, ensuring a clear and law-compliant approach.
Timeline for Market Launch:
With regulatory procedures in place, Vermont aims to launch its sports betting market in early 2024. The strategic timeline aligns with the state’s commitment to fostering a robust and well-regulated sports betting environment.
Operator Requirements and Revenue Contribution:
Operators expressing interest in Vermont’s sports betting market must commit to contributing a minimum of 20% of their gross gaming revenue to the state. This revenue-sharing model reflects the state’s aim to derive economic benefits from the sports betting industry.
Legislative Backing and Regulatory Flexibility:
Sports betting was officially legalized in Vermont when Governor Phil Scott signed HB 127 into law in June. The Department of Liquor and Lottery, the regulatory authority overseeing sports betting, has positioned the regulations as a living document that can be amended as necessary to ensure flexibility and responsiveness to industry dynamics.
Licensing Structure and Fees:
The Department of Liquor and Lottery is set to issue a minimum of two and a maximum of six online sports betting licenses. Licensing fees follow a tiered structure based on the number of operators awarded contracts:
Two operators: $412,500 per operator
Three operators: $366,666 per operator
Four operators: $343,750 per operator
Five operators: $330,000 per operator
Six operators: $320,833 per operator
Vermont’s approval of sports betting procedures marks a pivotal step toward realizing a regulated sports betting market in the state. As the regulatory framework takes shape, prospective operators are invited to contribute to the state’s revenue-sharing model, fostering a symbiotic relationship between the industry and the local economy. With an expected launch in early 2024, Vermont positions itself to join the expanding landscape of legal sports betting jurisdictions, offering residents and visitors a regulated and engaging betting experience.