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.”