Vermont Sports Betting Apps Boost State Revenue in April
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SportsTranscript
00:00 [MUSIC PLAYING]
00:03 Three Vermont sports betting apps,
00:04 this is your tweet from yesterday morning.
00:07 Three Vermont sports betting apps won over $1.7 million
00:11 in April and sent close to $532,000 back
00:15 to the state in taxes.
00:16 So an interesting bump for Vermont sports betting apps.
00:21 Yeah, Mike, I remember when you were on probably maybe
00:24 six weeks ago, we touched on the amount of tourism
00:28 that has happened in Vermont and kind of boosted
00:33 their overall sports betting market
00:35 as they launched back in January.
00:37 So I was speaking to the regulators in Vermont,
00:40 and they were telling me that that initial week,
00:43 that first full week in April, April 4 through the 10th,
00:47 they received their highest tax revenue payment
00:50 from the sportsbooks during that week.
00:54 It was the highest tax payment for them since February.
00:59 And funny enough, that week featured the Final Four,
01:03 obviously the national championship game,
01:06 as well as the solar eclipse like we talked
01:09 about several weeks ago, Mike.
01:10 And just this massive influx of tourists
01:13 going to Vermont to see the solar eclipse,
01:17 betting on the apps, and ultimately pumping that money
01:22 through the sportsbooks.
01:23 And then those sportsbooks are obviously having to send
01:26 a bit of a tax payment back to the state.
01:28 So they were quite pleased with what they saw in April,
01:33 the Vermont sports betting regulators.
01:35 They did tell me though, it's difficult for them
01:39 to say for sure, yes, this tax payment was due
01:44 to the tourists from coming into the state
01:49 to see the solar eclipse.
01:50 So I think we can make an educated guess
01:53 and say that that likely played a bit of a role,
01:57 at least in that tax payment.
02:00 One of the other interesting things too,
02:01 that I really enjoy about these Vermont sports betting
02:05 reports is that they provide a lot of additional statistics
02:09 that perhaps some of the other states don't exactly share.
02:13 So in April on the whole, 40,876 players during the month.
02:22 So close to 41,000 people in Vermont,
02:27 whether state residents or people from out of state,
02:32 betting on sports through those three sports betting apps
02:35 in Vermont, Vanduul, DraftKings, and Fanatics.
02:39 They placed 738,000 bets with an average betting amount
02:44 at $23.
02:45 So just some additional context that we don't get
02:49 from every state, which is of course why Vermont
02:53 seems to be intriguing to me, I guess.
02:55 But those tourism numbers from the solar eclipse,
02:58 final four, just a lot of March madness action
03:01 kind of wrapping up in April along with that tourism event
03:05 certainly helped the bottom line for state regulators.
03:09 (upbeat music)
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