Discover Why Vermonters Excel in Sports Betting: Insights from VTDigger

Online sports betting has been live in Vermont for over a year now, and it seems quite a few Vermonters are enjoying it.

Wendy Knight, the state’s liquor and lottery commissioner, recently shared with the House Government Operations Committee that Vermont is expected to earn less revenue from sports betting in the upcoming 2025 fiscal year. Initially, officials thought the state would collect around $7 million from online sportsbooks. Now, the projected revenue stands at about $6.1 million.

Interestingly, while the state may lose out on funds, players are benefiting. Six months after the betting market opened, it became clear that companies like DraftKings, FanDuel, and Fanatics Sportsbook were paying out more for winning bets. This shift means less money is going to the state, as payouts to winners grow.

“People are wagering — and they’re winning their bets,” Knight remarked earlier. This is undoubtedly a win for the players.

With these updated projections in mind, Governor Phil Scott’s administration is working to handle the budget gap of about $860,000 in the mid-year budget adjustments.

A closer look at user data shows that most bets are made by Vermont residents. Knight pointed out that even with slightly less revenue, the state could still benefit economically. Winning players might spend their earnings on meals out, vacations, or new furnishings, which circulates money back into the local economy.

“More chicken wings for everybody!” added Rep. Matt Birong, reflecting on how winners boost local businesses through their spending.

Despite the reduced revenue, Vermont is taking steps to help those who might struggle with gambling. The state is building a support network for problem gambling, launching a helpline, and listing treatment providers. A report from the Department of Mental Health indicates progress, with a plan for continued funding in future fiscal years.

“We started from the ground up,” said Emily Hawes, the department’s commissioner. “Problem gambling behaviors often take time to develop.”

Vermont has also introduced a civic health index aimed at understanding community engagement and voting participation. The state ranks second in public meeting attendance, but concerningly, many young Vermonters show little interest in registering to vote.

In conclusion, while Vermont’s revenue from sports betting may be lower than expected, the benefits to players and the local economy are notable. The state’s efforts to address problem gambling and promote civic engagement are steps toward a more balanced approach to gambling’s impact on the community.