The Vermont Department of Liquor and Lottery officially announced the forthcoming start of legal sports wagering in the state in a press release published this Tuesday, December 12, 2023. Local sports betting fans will be able to place their wagers as of January 11, 2024.
State Governor Philip Brian Scott has commented on the long-awaited launch, underlining his support for the sector and contentment that the efforts to legalize it have “come to fruition”. He added that Vermont’s residents and visitors would soon be able to place their legal wagers with important consumer protection mechanisms in place.
Earlier this year, in June, he signed a bill into law legalizing online sports betting in the state. It also authorized the Department of Liquor and Lottery to oversee the sector and contract with operators.
Vermont’s Department of Liquor and Lottery along with the Department of Mental Health will provide an annual report to the General Assembly regarding sports betting’s impact on problem gambling in the state.
Furthermore, mobile sports betting operators will be supposed to deliver an annual responsible gambling plan regarding their problem gambling tools and resources made available to bettors, including wagering limits, deposit limits, timeout periods, and self-exclusion options.
Vermont Department of Liquor and Lottery Picked Three Companies to Operate Mobile Sports Betting Platforms
According to Vermont’s Joint Fiscal Office, the sports wagering revenue for the state will approximately amount to $2 million for FY 2024 and between $4.6 million and $10.6 million for FY 2025. A portion of this revenue is expected to be directed toward the Department of Mental Health, which will be tasked with the creation of responsible gambling programs and initiatives within the state.
Through a bid process, the Vermont Department of Liquor and Lottery could authorize a minimum of two but at most six companies to operate a sportsbook via a mobile platform. There were a total of five applicants, including the three that were eventually picked.
Following an evaluation of the bid participants, the selected sports betting providers are FanDuel, DraftKings, and Fanatics Sportsbook. The applications of Penn Sports and BetMGM were rejected.
In addition to the initial licensing fee of $550,000, the operators will be supposed to pay at least a 20% share of their gross wagering revenue to the state. The negotiations exceeded the minimum revenue share, with Fanatics Sportsbook and DraftKings paying 31% and FanDuel – 33%.
Wendy Knight, Commissioner of the Department of Liquor and Lotteries, also shared her contentment with the fact that sports betting enthusiasts would be able to place their wagers “with three of the industry’s top companies”.
With the bid process completed and contracts fully executed, a pre-registration period started this Tuesday, enabling sports betting providers to market their brands and pre-register their customers ahead of the much-anticipated launch.
