In its first year of sports betting, Vermont has seen mixed results in terms of revenue and payouts. While the state brought in $6.3 million in tax revenue last year, this year players are winning more and receiving larger payouts, resulting in lower revenue than expected. Despite this, state leaders believe that players winning bigger prizes benefits the economy as the money circulates back into the state and is subject to income tax.
Vermont Liquor and Lottery Commissioner Wendy Knight pointed out that the increased payouts could lead to more money being spent in the Vermont economy, ultimately benefiting the state through additional tax revenue. Additionally, the state is working on setting up contracts and agreements with providers to administer problem gambling resources, as only $34,000 out of a quarter million allocated has been spent so far.
Overall, while the first year of sports betting in Vermont has seen some challenges in terms of revenue projections, state officials remain optimistic about the potential positive impact on the economy. The state is closely monitoring the situation and working to ensure that problem gambling resources are in place for those in need.
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