Nothing is required that I know of. Here is a video. At the bottom right there is the settings icon - gear shaped. Speed is an option.
I have seen on a small minority of videos the option wasn't present in settings however researching on the title can sometimes get a link to a video that is.
Weird, when I click on settings for that video, I only see options for Annotations, Subtitles/CC, and Quality. When I click on the Options link to the right of Subtitles/CC, I see all kinds of options for fonts and colors, but nothing for speed.
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