{"id":281987,"date":"2023-07-20T17:08:32","date_gmt":"2023-07-20T22:08:32","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=281987"},"modified":"2023-07-21T09:40:32","modified_gmt":"2023-07-21T14:40:32","slug":"vermont-opens-sportsbook-bidding-with-goal-of-jan-1-launch","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/vermont-opens-sportsbook-bidding-with-goal-of-jan-1-launch\/","title":{"rendered":"Vermont Opens Sportsbook Bidding with Goal of Jan. 1 Launch\u00a0"},"content":{"rendered":"

Vermont regulators have opened the bidding process for online sportsbooks that want to set up shop in the state.<\/p>\n

\"Vermont
Vermont this week began accepting bids from online sportsbook operators. Regulators hope to have operations up and running by January. (Image: Shutterstock)<\/figcaption><\/figure>\n

The Request for Proposal<\/a> regulators posted Wednesday afternoon marks the latest step in establishing a legal sports betting program. Bids are due by August 28, and officials hope to have the new operations in place by January 1.<\/p>\n

Vermont\u2019s sports betting law, which the governor signed last month, calls for the state to award between two and six sportsbook contracts. Betting will be available exclusively online, as the state has no brick-and-mortar casinos.<\/p>\n

Competitive Bidding<\/b><\/h2>\n

Sportsbook licenses will be awarded through a competitive bidding process similar to that used to award various types of contracts in the state. The process is overseen by the Vermont Department of Liquor and Lottery, which has established a scoring system that takes into account a variety of factors, such as an operator\u2019s track record and revenue sharing.<\/p>\n

\n

At least four operators are expected to file bids, judging by those who have participated in the regulatory process up to this point. BetMGM, FanDuel, DraftKings, and Caesars Sportsbook all submitted comments earlier this month on sports wagering procedures developed by the lottery commission.<\/p>\n<\/div>\n

\u201cI\u2019m excited that we have these well-established \u2014 considering how new the industry is \u2014 operators that are interested in participation in Vermont,\u201d Vermont Lottery Commissioner Wendy Knight told Casino.org<\/em> in an interview.<\/p>\n

Bid Requirements<\/b><\/h2>\n

The 191-page RFP outlines the requirements for potential sportsbook operators and the detailed application process. Contracts will be awarded for three years, with the option to renew for up to two more years.<\/p>\n

Bids will be evaluated on a 1,000-point scale, with scores based on a variety of technical and revenue categories, including a company\u2019s financial stability, ethics, software quality, compliance, and responsible gaming program.<\/p>\n

Operators must pay a $550K operator fee and agree to a minimum 20% revenue-sharing requirement. Additional points will be awarded to companies that agree to additional revenue sharing up to 50%.<\/strong><\/p>\n

Vermont is requesting detailed bids that include estimated revenue projections, details on the company\u2019s background with other jurisdictions, its advertising plans, and a responsible gaming program, among other requirements.<\/p>\n

\n

One of the goals of the sports betting program is to generate as much money as possible for the state. As part of their bids, sportsbooks must submit a \u201cplan for maximizing sustainable, long-term revenue for the State, including a detailed market analysis.\u201d<\/p>\n<\/div>\n

Knight said she hopes to have a decision on which bids will be selected by the end of September. That will launch a negotiation process that likely will take another couple of months to complete, in time to have betting in place by January.<\/p>\n

That puts Vermont on a slower schedule than Kentucky, which also legalized sports betting this year and expects to have its program running by the start of the NFL season<\/a>.<\/p>\n

Still, bettors should still be able to get in on some postseason action.<\/p>\n

\u201cWe\u2019ll get it up and running in time for the Super Bowl,\u201d Knight said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Vermont regulators have opened the bidding process for online sportsbooks that want to set up shop in the state. The Request for Proposal regulators posted Wednesday afternoon marks the latest step in establishing a legal sports betting program. Bids are due by August 28, and officials hope to have the new operations in place by […]<\/p>\n","protected":false},"author":102,"featured_media":271835,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13592,1074],"tags":[83714,80968,83244],"acf":[],"yoast_head":"\nVermont Opens Sportsbook Bidding with Goal of Jan. 1 Launch\u00a0 - Casino.org<\/title>\n<meta name=\"description\" content=\"Vermont regulators have opened the bidding process for online sportsbooks that want to set up shop in the state. 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The Request for Proposal regulators Vermont regulators have opened the bidding process for online sportsbooks who want to set up shop in the state.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/vermont-opens-sportsbook-bidding-with-goal-of-jan-1-launch\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-20T22:08:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-21T14:40:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/05\/vermont-betting-sites.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nick Juliano\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nick Juliano\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/vermont-opens-sportsbook-bidding-with-goal-of-jan-1-launch\/\",\"url\":\"https:\/\/www.casino.org\/news\/vermont-opens-sportsbook-bidding-with-goal-of-jan-1-launch\/\",\"name\":\"Vermont Opens Sportsbook Bidding with Goal of Jan. 1 Launch\u00a0 - Casino.org\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/vermont-opens-sportsbook-bidding-with-goal-of-jan-1-launch\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/vermont-opens-sportsbook-bidding-with-goal-of-jan-1-launch\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/05\/vermont-betting-sites.jpg\",\"datePublished\":\"2023-07-20T22:08:32+00:00\",\"dateModified\":\"2023-07-21T14:40:32+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/d36eacaa6ec6ccb3444785a8820dcfbc\"},\"description\":\"Vermont regulators have opened the bidding process for online sportsbooks that want to set up shop in the state. 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