Vermont’s first year of online sports betting exceeded expectations, with over $198 million wagered and $176 million won back by bettors. Although the state originally projected to make $7 million, it is now expected to earn $6.1 million. Despite the decrease in revenue, many winners are spending their winnings on recreational activities, benefiting the state’s economy. The top five sports bet on were basketball, football, baseball, tennis, and soccer, with an average bet of $22.83 and 78% of bets coming from Vermont residents.
Commissioner Wendy Knight of the Department of Liquor and Lottery noted that as players win more money, the state earns less due to winning payouts, highlighting the irony of the situation. The department is now looking to introduce I-Lotto, allowing players to participate in lottery games online. Knight compared this innovation to the evolution of online banking, emphasizing the convenience and accessibility it would bring to Vermont residents.
The concept of I-Lotto is still in the early stages and will need to be presented to lawmakers for approval. Overall, Vermont’s foray into online sports betting has shown promise, with plans for further expansion into the world of online gaming on the horizon.
————————————————————————
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
————————————————————————
