A little over $198 million was wagered and 89% or roughly $176 million of it was won back.
A little over $198 million was wagered and 89% or roughly $176 million of it was won back.
A little over $198 million was wagered and 89% or roughly $176 million of it was won back.
The numbers are out for Vermont’s first full year of online sports betting. A little over $198 million was wagered and 89% or roughly $176 million of it was won back.
The state originally projected to make $7 million in it’s first full fiscal year, that’s now dropped to $6.1 million and means Vermonters are doing better then the state anticipated and beating expectations.
“We’re seeing more winning payouts, which means we have less adjusted gross sports wagering revenue, so less money to the state. The irony is as players win more money the state earns less,” Wendy Knight said, the Commissioner of the Dept. of Liquor and Lottery.
The Department said even though they may be down from their projections, many who win spend their winnings on recreational activities like going out to eat and shopping, which still puts money back into the economic ecosystem and back to the state.
The top five sports bet on were basketball, football, baseball, tennis, and soccer. The average bet was $22.83 with a total of around 8.7 million bets placed. 22% of those were from out of staters with the other 78% living in Vermont.
The Dept. said up next is bringing I-lottery or ‘I-Lotto the the state.
“You basically have a traditional ticket you can play, or you could play on your phone, we used to go into a bank and we were only able to do our banking by going to see a teller, now now we do online banking,” Knight said.
That concept is still in it’s early stages and must be fully pitched to lawmakers.
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