The Vermont District of Liquor and Lottery released their request for proposal to potential sports betting operators.
Operators have until August 28 to submit their application that will be graded on a point-scale by various factors.
The most notable is revenue share, with operators more likely to be accepted in the State if they offer a higher tax rate.
MONTPELIER, Vt. – Vermont is searching for sports betting operators and has deployed a unique method for acquiring the most beneficial operators for the Green Mountain State.
Details of Vermont’s request for proposal (RFP) include a key breakdown of how operators will be awarded licenses. The lucky operators will receive a three-year contract with the state, as well as two separate one-year renewals.
Any bidder requesting clarification or wishing to comment on any requirement of the RFP must submit their questions in writing no later than July 28, 2023.
The legislation empowers Vermont to contract a minimum of two and a maximum of six operators. However, if the competitive bidding process fails and there aren’t enough qualified bidders, the Department of Liquor and Lottery (DLL) has the right to authorize a single operator or none at all.
The Vermont Lottery utilizes a point-rubric to evaluate potential legal sports betting operators.
Vermont Deploys Unique Point Evaluation System for Operators
RFP applicants will need a successful track record or be willing to sacrifice revenue to be named a Vermont sports betting operator.
The 1000-point scale is broken down into two sections. There are 800 potential points earned from technical factors such as experience and product strength and up to 200 points earned from percentage of revenue shared.
Adjusted Mobile Sports Betting Revenue Offered to State if Selected
20% – 30% – 25 Points
31% – 40% – 50 Points
41% – 51% – 75 Points
51% or More – 100 Points
The additional 100 points comes from the estimated potential gross and adjusted gross wagering revenue.
Vermont Governor Phil Scott signed a sports betting bill into law on June 14. Vermont anticipates a January 1, 2024 start date according to the RFP.
The RFP states “The State anticipates the start date for such contract(s) will be January 1, 2024.”
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News tags: Department of Liquor and Lottery | Phil Scott | Vermont
Zach is currently a student enrolled at Florida State University. He is majoring in Writing, Editing, and Media with a minor in Communication. Zach is interested in the legalization aspect of sports betting and enjoys participating in DFS. He has a passion for sports writing and most enjoys writing about football and baseball both professional and collegiate.