Sports betting surpasses state forecasts, rakes in $3.5 million in revenue

Vermont recently reported a significant surplus in tax and fee revenues for the General Fund, Transportation Fund, and Education, exceeding projections by $143.6 million. The General Fund contributed the most with nearly $140 million, led by personal income tax. A notable contributor to this surplus was revenues from sports wagering, legalized in January. Despite state officials predicting $1.2 million in revenues for the first six months, the actual revenue was $3.5 million. A third of this came from out-of-state bettors.
The total handle for sports wagering was $101.1 million from 232,884 users, with basketball accounting for the largest share at 39.8%. Other sports like baseball, tennis, and football each represented just over 9%. Revenues peaked during NFL playoffs and basketball season, but dipped in the spring as basketball ended and students returned home in May.
This data, provided by the Vermont Division of Liquor & Lottery, offers valuable insights into the impact of sports wagering in the state. With revenues exceeding expectations and out-of-state bettors contributing significantly, the future of sports betting in Vermont looks promising. Citizens and state officials alike will be closely monitoring these trends as they continue to shape the local economy.

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Photo credit vermontbiz.com