Vermont legislators Thomas Stevens, Troy Headrick, and Michael Mrowicki have introduced Bill H.133 to revoke the state’s online sports betting market. The bill is currently being reviewed by the House Committee on Government Operations and Military Affairs, with concerns raised about the state’s reliance on gambling tax revenue, particularly from lower-income bettors.
Vermont launched its online sports betting market in January 2024 and saw a total handle of $198.7 million and $21.9 million in gross revenue in its first year. Nearly 30% of bets came from out-of-state players, marking a shift from residents crossing state lines to place wagers. The state initially licensed DraftKings, FanDuel, and Fanatics, with potential approval for up to six operators.
Despite generating $6.3 million in tax revenue from sports betting in its first year, slightly below expectations due to factors like an unpredictable NFL season, the revenue provides a significant boost to the state budget amid financial challenges and federal funding cuts. Repealing online sports betting could face challenges given the industry’s growth and financial contributions.
With the industry’s rapid growth and financial contributions to the state budget, Bill H.133 may struggle to gain widespread support in the legislature amidst calls for its repeal. Supporters argue that the revenue from gambling taxes is crucial for Vermont, especially in the face of looming federal funding cuts.
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