The state of Montana is one step away from rolling out legalized sports betting.
On Friday, the Montana Lottery announced that it is working towards launching its sportsbook product before the end of the year. The statement was issued by the Lottery Director, Angela Wong.
In the release, the Director revealed that the Commission had been working towards launching a product that would excite the residents of the Big Sky State. She went on to say that the Lottery would achieve this by ensuring that Montanans are involved in the process, and their voices are heard.
As such, the Lottery has invited the public to comment on its proposed sports betting regulations. The proposed rules outline who will be eligible to offer wagering services in the state and the licensing procedure.
The consultation period will be open for 30 days, and a public hearing will take place on October 28. The hearing will begin at 10 am MT.
Lottery identifies more than 1400 potential vendors
Montana sports betting will be conducted by the state Lottery through their licensed partners.
In the recently published rules, the Lottery estimates that there are about 1400 potential vendors in the state. Those who are eligible to apply for sports gambling licenses include:
Anyone who holds a legal gambling permit
Holders of alcoholic beverages permits
Authorized lottery operators
The initial licensing fee will be $1000, and once approved, the Lottery will provide the sports betting kiosks for its new licensees. The tax rate for licensed vendors is 8.5% of the adjusted gross receipts.
The regulations also allow lottery sales agents to offer wagering services on behalf of the Lottery. The license fee for lottery sale agents will be $50.
The agents will be allowed to retain 6% of the total sports betting handle as base commission, with the possibility of receiving a series of bonuses if they meet sales targets.
What else is in the proposed regulations?
Under the proposed framework, regulated sports gambling will be available to all Montanans who are at least 18 years old.
The regulations pave the way for both mobile and retail betting at licensed venues.
For on-site wagering, players will be provided with the option of placing bets anonymously after completing the verification process. This means that one will not be required to register an account to place a wager at a betting kiosk.
However, registration will be compulsory for mobile betting. Also, accounts that remain dormant for 18 months will be suspended.
Concerning the settlement of bets, the Lottery will pay winnings of $600 or less through its mobile application or sales agents. Bettors who win more than $600 will be required to claim the amount from the Lottery, either in person or via mail.
Montana sports betting status’
The Big Sky State became the ninth precinct to legalize sports betting when Gov. Steve Bullock assented to H 725 on May 3. The law authorizes the Montana Lottery to offer regulated wagering services in the state for the next seven years.
When the market rolls out, Montanans will be able to place bets via a lottery app or at sport betting kiosks. The mobile wagering app will be powered by the Lottery’s current technology supplier, Intralot.