Gov. Phil Scott Tuesday announced that sports betting platforms. Consumers can begin ing for the platforms immediately.
The Vermont Department of Liquor and Lottery had the option to award up to six contracts. In addition to the three chosen, it received bids from ESPN BET platform,
“I first proposed Vermont legalize sports wagering several years ago, and it’s good to see it come to fruition,” Scott said 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.”
To award contracts, the lottery used a detailed rubric that heavily weighted potential revenue to the state as a consideration. Bidders were required to spell out how they would bring in the most revenue for the state and how long it would take to get to market.
The new law sets the tax rate at a minimum of 20%, but bidders were encouraged to come in at a higher rate, and only those offering a 51% tax rate could get the full 100 points allotted to that subsection of the bid.
Operators could score up to 200 points out of a possible 1,000 in the “Revenue Criteria” section, which included sections in which the operator explained how it would obtain gross revenue and then shared how much it would send to the state.
The governor’s announcement did not specify what tax rates will be applied to the three operators, but it said the state is expected to receive up to $7 million in revenue in the first full year of legal wagering. Under the law, operators of sports betting sites sign three-year contracts with the state.
