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When New Hampshire lawmakers legalized sports betting in 2019, it appeared the intent was for bettors to choose who they would bet with. But after the state lottery reviewed bids, DraftKings got a monopoly on retail and digital betting in exchange for a 51% revenue cut.
While those in neighboring Vermont would like to see a similar take of revenue, Dept. of Liquor and Lottery Commissioner, Wendy Knight said revenue is one of three key priorities for her agency, which has a goal to make sure those in Vermont are protected, educated, and have options. The plan is to have wagering live by the end of this year.
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Knight’s agency has created the Request for Proposals that operators will compete to win one of up to six wagering platforms in Vermont. Last week, the Dept. of Liquor and Lottery Board of Directors approved the evaluation criteria that will be included in the RFP and plans to approve the “enhanced procedures” that will also be included in the RFP at a July 17 meeting.
The enhanced procedures are Vermont’s version of wagering regulations, Knight said the process for enhanced procedures is nimbler and quicker than developing regulations, making it a better fit for rules around a new offering in the state.
The proposed enhanced procedures are posted on the lottery website, and the public comment period on them closes July 14, 30 days after Gov. Phil Scott signed sports betting into law.
Vermont’s new law allows for a minimum of two digital platforms and a maximum of six. Retail wagering is not legal. The legislation allows the state to have a single operator, but only if all others don’t meet the criteria to operate in the state.
What will make the bid process most interesting, as it did in New Hampshire, is that the legislature did not set a firm revenue-share rate, meaning that operators must include what they will offer the state in their bids, and that number could be negotiated. The legislature set the minimum revenue share at 20%, which is higher than tax or revenue shares across the country.
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