by Guy Page
Legal online sports betting is expected to yield $7 million in state revenue next year, its first full year. That amount could swell to $15-18 million in several years, Vermont Department of Liquor and Lottery Commissioner Wendy Knight said at Gov. Phil Scott’s press conference today.
The operators – DraftKings, Fanduel, and Fanatics Sportsbook – will each pay $550,000 for an entry fee, to be assessed every three years, and a 31-33% percentage of annual proceeds.
The three popular online gambling apps can be downloaded legally today and will go live January 11, ahead of the NFL playoffs.
Vermonters will not be allowed to vote on instate collegiate or high school games. The Legislature was concerned that, in a small state like Vermont, gambling might possibly influence the outcome of some games, officials said. However, betting on UVM Catamount and other Vermont schools’ participation in the NCAA tournament will be legal.
The State will be ramping up prevention, education and treatment programs to address gambling addiction, Knight said.
The State of Vermont by January will be earning revenue from regulated sales of the traditional “vices” of liquor, marijuana and gambling. Legislature has looked at prostitution and fentanyl and heroin decriminalization. Gov. Scott was asked if he had considered repealing these vice laws including as possible revenue earners. He responded with “a firm no.” Sports betting and fentanyl are two very different matters, he said.
The governor was more ambivalent about legalizing – someday – forms of non-online gambling, such as casinos. “I don’t see us going in that direction, but that will be up to a future Legislature,” he said.
For now, though, the infusion of gambling revenue is welcome to state officials charged with preparing budgets and handling state revenue, as shown by a Knight’s press conference comment about revenue predictions: “Adam [Greshin, Commissioner of the Dept. of Finance and Management] will be happy to hear that. Did you hear that, Adam? Lots of money.”
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Categories: Sports, State Government
How much revenue has Pot brought in yet?
In a few years they’ll be taxing the Burlington brothels and opium dens once those are fully legalized.
“It claimed almost 200 lives in Quebec between 2005-2013. In 2010 alone, 233 Hong Kong citizens succumbed to it. It kills indiscriminately, taking NFL wide receivers, beloved sisters and unlucky college students. It may be more widespread than we will ever know for it often leaves no clear trail of evidence.
What is it? The number of pathological gamblers who commit suicide.
The World Health Organization estimates that, of approximately one million suicides each year, five percent are related to compulsive gambling. The National Council on Problem Gambling tells us that twenty percent of gambling addicts will attempt to kill themselves, a suicide rate that is more than double that of any other addiction.
$9 million so far in addition to hundreds of well paying jobs.
In the late stage capitalism that “free market” conservatives love there are no new industries to create, only vices to be regulated, so I too am looking forward to a day when the government doesn’t tell me how to spend my money.
It’s not a question of revenue, it’s a matter of equal rights: if you would not want others to dictate YOUR personal lifestyle choices and what kind of medicine YOU can use, then don’t do that to anyone else.
https://www.biblicalarchaeology.org/daily/marijuana-found-at-ancient-temple-in-israel/
If so, the tax rate should be the same as it is for everything else… and opium “dens” would be preferable to gangsters selling drugs on the street.
Perhaps you are new to Vermont. It is rarely, rarely about equal rights or rights of any kind…..it is almost always about MONEY…..money, money, money.
Vermont loves to take away personal sovereignty and give it to the state. We’ll close your gym, we’ll let drug dealers run rampant, we’ll make it impossible for 10 years to open gas pumps, but we’ll let drug dealers operate openly and freely in every town, we’ll allow big housing apartments of 24-40 units, give you all sorts of money to do it and tenants money to rent, but if you want a 12 unit high density housing we’ll make you go through Act 250…we won’t allow you choice in schools and when you stand up against indoctrination, lies and oversexualization of your 8 year old we’ll have you arrested…
Control and Money are their life blood. They could care less about your personal right. If they can get us all to be serfs, equally oppressed…they’d be happy. That’s their idea of equality. Own nothing and be happy is what they call it.
They just leave out the part that they’ll own everything.
“It claimed almost 200 lives in Quebec between 2005-2013. In 2010 alone, 233 Hong Kong citizens succumbed to it. It kills indiscriminately, taking NFL wide receivers, beloved sisters and unlucky college students. It may be more widespread than we will ever know for it often leaves no clear trail of evidence.
What is it? The number of gamblers who commit suicide.
The World Health Organization estimates that, of approximately one million suicides each year, five percent are related to compulsive gambling. The National Council on Problem Gambling tells us that twenty percent of gambling addicts will attempt to kill themselves, a suicide rate that is more than double that of any other addiction.
Maybe we can take 200 million of funding out of the WHO and give it to the 200 gamblers that are going to kill themselves so they won’t be so sad?
Junk food & automobiles kill far more, so I expect you to campaign for them to be prohibited as well. (I also wonder how being a nurse is relevant here.)
There is another thing more widespread than you will ever know: it’s the number of people who commit suicide either purposely or accidentally because the current regulatory regime does not permit them to legally purchase medication that is adequate to treat severe chronic pain.
We got weed, gambling… now we just need hookers. Good times!
Hookers? We already have them in spades…at the statehouse.
LOL
Such small thinking in our government, right up to the top. Where does Scott think that $7-$18 million is going to ultimately come from? Not DraftKings, FanDuel, or Fanatics (who already operate online in VT to some degree via Fantasy Football wagering). No, ultimately the money will come out of the pockets of Vermonter’ as they are offered another addictive vice by our “Progressive” leaders.
Perhaps the Legislature and our Governor should be looking for way be cut spending rather than legalizing more and more activities to raise funds to cover their boondoggles . . . oh, and 18% tax increases to go along with it. Hey, maybe I’ll throw a $1,000 on the Patriots to win the Super Bowl in hopes of paying my upcoming property tax bill.
If it brings in $7 million, the legislature will spend $21 million
The Golden Dome are giving lessons to organized crime, seminars start this January. They will instruct them how to have complete control of drug sales, alcohol, prostitution, pornography, gambling and they don’t even have to put on a show or serve meals. They will be demonstrating that you don’t’ need to protect business, you can strangle them and if you let just now and then they are still alive. If you tie business in with the propaganda machine, you will always have endless profits due to the free tax payer money.
Al Capone is giving the introductory speech.
How long before VT has an outreach program/ addiction center/rehab programs ad nauseum to take care of those poor VTers who have succumbed to this latest state sponsored addiction. Wonder if they will get a share of the upcoming class action suit coming this way a la tobacco and opioids.
Oh, almost forgot… Gamble responsibly
Who cares on the dollar amount? It’ll go to the general fund and disappear just like every other “new money” that enters the state. Our taxes will continue to increase never get smaller, just like the number of bureaucrats.
those hookers in the statehouse are call high price lobbyist
The freaks of misery don’t care and that should be evident by now. The main goal is to keep the populace destitute, on the very edge of destruction, in fear, unwell, unhealthy, and regulated into indebted servitude until death. The despots are in full blown madness mode. They have no other option than to go full board on attacking the citizens and stealing every dime possible with whatever lawfare weaponery they have left in their arsenal. Got the full picture yet?