DraftKings, FanDuel, and Fanatics confirmed as approved Vermont sportsbooks
Department of Liquor and Lottery reveals online sports betting will launch on January 11, 2024
Vermont’s regulated sports betting market will launch on January 11, 2024, Green Mountain State Governor Phil Scott and the Vermont Department of Liquor and Lottery (VDLL) have confirmed.
Providing an update on the licensing of mobile sportsbook operators, Governor Scott and the VDLL confirmed DraftKings, FanDuel, and Fanatics Betting and Gaming had been selected as the state’s first licensed sportsbook operators.
With contracts fully executed with the trio, a preregistration period opens today, allowing the operators to market their brand and preregister players before the January launch date.
The confirmation follows a competitive bidding process begun by the VDLL in July, under which the regulator was empowered to award between two and six licenses.
BetMGM and PENN Entertainment had also registered their interest in obtaining a Vermont license, but were unsuccessful in their attempt.
In the bidding process, applicants were scored on a range of evaluation criteria focusing on technical and revenue-related standards up to a maximum of 1,000 points.
Factors at play included product design, responsible gambling, revenue sharing with the state, the attitudes and approaches of the respective operator to issues such as climate change and bans on Russian-sourced business was also under consideration.
The new contracts are three years in duration, with eligible operators required to be “full-service providers” already licensed in at least three jurisdictions in the US.
Under the enabling legislation, the state will receive a percentage of each operator’s adjusted gross sports betting revenue in addition to an operator fee.
The Governor’s office has confirmed its expectation that the new market could generate up to $7m in new taxation revenue during its first year of operations in the state.
“I first proposed Vermont legalize sports wagering several years ago, and it’s good to see it come to fruition,” said Governor Scott in a press release.
“Vermonters and visitors alike will soon be able to access a regulated sports wagering marketplace, which will come with important consumer protections and generate revenue for the state.”
VDLL commissioner Wendy Knight added: “We are excited to offer sports enthusiasts the ability to engage in sports wagering in Vermont with three of the industry’s top companies.”