Five sportsbooks have applied for an online sports betting license in Vermont.
Vermont legalized sports betting in the state earlier this year in June. Under the new laws the state can issue up to six online sports betting licenses to what it deems to be qualified operators. The law also states that at least two online sports betting licenses must be issued for sports betting to officially launch in the state.
The state announced this week that their request for proposal receive five applications from DraftKings Sportsbook, FanDuel Sportsbook, BetMGM Sportsbook, Fanatics Sportsbook, and ESPN Bet.
Regulation and oversight of sports betting in the state falls to the Vermont Department of Liquor and Lottery. The Department of Liquor and Lottery will review the license applications and evaluate each one to determine if it qualifies.
The basic conditions that must be met by applicants include paying a minimum tax rate of 20 percent and paying a license fee of $550,000 which is good for three years.
The Department of Liquor and Lottery will grade each application on a scale of 0-1000 points. Points will be determined by the percentage of gross income the sportsbook is willing to share with the state, projected income estimates, commitments to responsible gaming, regulatory safeguards in place, and operational history in other states that allow legal sports betting.
The first online sportsbook license is expected to be awarded sometime this fall with a planned launch for sometime in January, 2024.
