Vermont gaming regulators approve sports betting procedures

Vermont gaming regulators approve sports betting procedures

Vermont, a landlocked New England state in the north-eastern part of the US, is pushing ahead with its plans to commence sportsbook operations at the earliest possible. Earlier this week, the Vermont Liquor & Lottery Department voted to approve sports wagering procedures laying the groundwork for sportsbooks to start legally operating in the state. In other words, the approval of the sports wagering procedures has set the stage for sportsbook operators to pursue operations.

Last month, the Green Mountain State became the 38th state in the U.S. to grant legal status to sports wagering, with an aim to starting operations of the leisure activity by the end of current year or in early next year.

On Wednesday this week, the state’s Liquor & Lottery Department’s board of directors unanimously gave approval to the procedures. The board of directors also acknowledged that the document could evolve as soon as the state’s sports wagering program becomes operational.

Anti-money laundering (AML) requirements is one of the few areas that are still in need of clarification. During the Wednesday’s meeting, a representative of renowned sportsbook operator BetMGM from asked for additional guidance on AML-related requirements for operators.

As the federal government is usually responsible for setting AML regulations, it remains unclear what additional rules could be set up and implemented by the state government. In response to a query, state lottery officials said that they would have to check with the state’s Financial Regulation Department for any additional rules on AML.

Board of Directors’ Chairperson Martin Manahan said, “This is a living document, so if that needs to be tweaked or changed, we can certainly come back with those changes based on their recommendation.”

The latest version of the procedures included inconsequential tweaks and typo fixes that were found in the previous version approved on Monday this week. The procedures approved by the Board of Directors on Wednesday are the fourth version of the document considered by the regulators.

A number of sportsbook operators including BetMGM, Caesars, DraftKings, and FanDuel have expressed interest in the state’s new business opportunity. However, all of them will have to go through a competitive bidding process. Applicants will be judged on a number of standards, including how much they will contribute to the state’s economy by sharing their gaming revenue. A minimum of 20 per cent revenue share will be required.

Technology Update: