In a momentous move, Vermont regulators have given the thumbs up to rules governing the newly legalized sports betting in the state, paving the way for sportsbooks to make their mark in the territory! Buckle up as we dive into the details of this thrilling development!
Betting fever sweeps Vermont
Just last month, Vermont solidified its position as the 38th state to legalize sports betting, sending waves of excitement through the gaming world. Now, with the official approval of sports wagering procedures by the Vermont Liquor and Lottery Department, the stage is set for sportsbooks to gear up for operations.
Anticipation is high as sportsbooks are gearing up to hit the ground running, with expectations for them to go live by the end of this year or early next. The Vermont Liquor and Lottery Department’s board of directors unanimously greenlit the sports wagering procedures, meticulously establishing the necessary requirements for operators.
While the procedures received the nod from the board, the document remains dynamic, open to evolution as the sports betting program takes flight. With flexibility at its core, the rules can adapt to the changing landscape and address emerging concerns.
Seeking clarity on Anti-Money Laundering
As the gears are set in motion, one area in need of clarification revolves around anti-money laundering (AML) requirements. A representative from BetMGM posed a question concerning the sportsbooks’ responsibility to ensure ongoing compliance with local AML regulations. As AML regulations usually come from federal authorities, further clarity on additional local rules becomes crucial.
The department plans to consult with the state Department of Financial Regulation to provide the necessary guidance, ensuring that the sports betting process remains seamless and secure
Wednesday’s approval marks the fourth version of the document considered by the lottery board. In response to valuable feedback, minor tweaks and typo fixes were incorporated, enhancing the overall framework. As the journey unfolds, additional changes may arise, but the board stands ready to navigate the evolving landscape.
As the rules come into play, sportsbooks can now embrace a wide array of betting opportunities. They can accept wagers on professional and collegiate sports, esports, and virtual sporting events, all subject to authorization by the department. However, betting on events like awards shows, youth sports, and regular season games involving Vermont-based universities remains off-limits.
Vermont has ambitious goals, hoping to attract between two to six sportsbooks to join the action in the state. Already, the prospect has sparked interest among several operators eager to partake in the process.
Intriguing bidding process
The selection of sportsbook operators will take place through a competitive bidding process, akin to other state contracts. As part of the evaluation process, applicants will be assessed on various criteria, including the revenue share they are willing to offer the state. While a minimum of 20% revenue share is mandated, companies willing to share more will enjoy added consideration.
Participating sportsbooks will need to secure their spot with a $550,000 operator’s fee every three years, a ticket to the thrilling sports betting action in Vermont.
With the green light shining brightly, Vermont is ready to embrace the exhilarating world of sports betting! Sportsbooks, it’s time to take the plunge and fuel the betting fervor in the Green Mountain State!
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