Delve into Vermont online gambling as five prominent operators submit bids, marking a pivotal moment in the state’s digital betting landscape. This strategic move comes after recent legalisation, propelling Vermont into the modern era of gaming. Industry giants like BetMGM, PENN Entertainment Gaming, DraftKings, Fanatics Betting and FanDuel are at the forefront, vying for licenses and setting the stage for an exhilarating online betting experience. Explore the opportunities and innovations that await in this evolving gaming arena.
Vermont Online Gambling: Big Players Eyeing the Market
Following the recent legalisation of digital-only betting in Vermont, the state has emerged as an enticing market for various major operators in the gambling industry. Renowned names like BetMGM, PENN Entertainment Gaming, DraftKings, Fanatics Betting, and FanDuel express eagerness to expand their operations into this newly established market. The legalisation has paved the way for an exciting future in digital betting in the state, attracting these industry giants.
License Bidding and Evaluation Criteria
Following the legalization, all five major operators swiftly submitted bids for sports betting licenses in Vermont. This marked the state’s commencement of the Request for Proposals process, which kicked off in July. The list of potential licensees was made public, and operators had until August 28 to present their applications. However, the state extended the application deadline to September 6 to accommodate all interested parties.
An interesting development is the noticeable absence of Caesars Sportsbook from the list of applicants.
Notably, DraftKings, already well-established in neighboring states, has garnered attention. The state has outlined specific criteria to evaluate these applications. Operators can operate on up to six digital platforms and will be evaluated based on criteria totalling 1000 points. Most of these points, 800 in total, will be assigned based on the “Technical Criteria”. The authorities will award an additional 200 points based on operators meeting the “Revenue Criteria.”
License Conditions and Evaluation by Authorities
To secure a Vermont license, operators must establish a presence in at least three U.S. states. Upon license approval, operators will commit to a three-year contract to operate as comprehensive “full-service” providers. This encompasses adhering to responsible gaming standards and integrating diverse programs addressing responsible gaming within their business models. Additionally, operators must furnish a detailed plan outlining integrity monitoring measures.
Concerning revenue strategies, operators needed to present their plans to the government, particularly focusing on taxation and the timeline for market entry. The new state legislation mandates a minimum tax rate of 20%. However, operators are encouraged to propose higher rates to garner an improved score in this category. To attain a perfect score of 100 points in this section, operators would need to suggest a tax rate of 51%, aligning with states such as Arkansas, New Hampshire, New York, and Rhode Island.
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