Vermont Sanctions Sports Betting Mechanisms
Staff in Vermont have given the green light to regulations for recently enacted sports betting in the state, setting the stage for sportsbooks to kick things off.
Vermont joined the list of 38 states with sports betting legalization last month, and it is expected that sportsbooks will be operational by the end of this year or the start of next.
The Vermont Liquor and Lottery Department made the decision this week to sanction sports wagering protocols, outlining regulations for operators.
The department's board of directors endorsed the rules on Wednesday, however acknowledged that the document might need modifications once the sports betting program is fully functioning.
AML Guidance Requested
A clarification is needed regarding anti-money laundering rules, following a query from a BetMGM representative at the meeting on Wednesday.
The BetMGM representative questioned the life-long requirements for sportsbooks to "ensure ongoing compliance with local AML regulations," given that it's the federal government who generally regulates AML.
Lottery officials admitted they'd have to look into this with the state Department of Financial Regulation, which advised on this section of the guidelines.
"This is a living document, so if that needs to be tweaked or changed, we can surely update it based on their recommendation," remarked the Board Chair Martin Manahan.
The automated procedures approved on Wednesday were the fourth draft viewed by the lottery board. The recent version had minor modifications and bug fixes compared to a variant accepted on Monday.
Progressive Process
Board members accepted that more modifications may be necessary down the line. They, however, anticipate being able to address issues as the process evolves.
The rules allow sportsbooks to take bets on professional and collegiate sports, esports, and virtual sporting events, provided authorization is granted by the department. Betting on events like awards shows, youth sports, and regular-season games involving Vermont-based universities is forbidden.
Vermont aims to bring in at least two and as many as six sportsbooks, and a number of contenders have expressed early interest.
Several operators, including BetMGM, FanDuel, DraftKings, and Caesars Sportsbook, submitted thorough comments on the proposals.
Tournament-Style Bidding Process
The sportsbook operators will be chosen through a tournament-style bidding process, mirroring how contracts are awarded in the state.
Applicants will be assessed on various factors, including how much of their revenue they agree to give to the state. A minimal 20% revenue share will be compulsory, but those willing to share more will receive additional consideration.
Sportsbooks will also require to pay a $550K licensing fee every three years to be permitted to take part in the state.
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Source: www.casino.org
