BURLINGTON, Vt. (WCAX) – The first year of sports betting in Vermont has wrapped up, so has it paid off?
Last year, Vermont took in $6.3 million in tax revenue after state lawmakers gave sports wagering the green light.
This year so far, players are winning more and earned bigger payouts, and the state is earning less revenue than they projected. But leaders say players winning bigger prizes also helps the economy. ”What we anticipate with players winning more money that then gets circulated into the Vermont economy, which means they would be paying income tax on that,” Wendy Knight, Vermont Liquor and Lottery commissioner, said.
The state also administers problem gambling resources. A recent report shows Vermont has only spent $34,000 out of a quarter million allocated for programs, but Knight says the low amount is because the state is still setting up contracts and agreements with providers.
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