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Illicit sports betting - and illegal gambling more broadly - is costing states millions in tax revenue, and someday, taxpayers could be called upon to foot part of the bill.
At that time, 35 states plus D.
For state governments across the country, this isn't just a legal problem.
As of November, it's legal to bet on sports in 31 states plus D.
If an economic downturn does come, and if states raise taxes down the road to make up the revenue shortfall, illegal sports gambling could be among the reasons why.
Other forms of gambling are costing states even more money
Despite its prominence on many commercials and billboards, many gamblers aren't betting on sports.
Online slots and table games, as well as unregulated machines, account for over 90% the industry's total legal revenues.
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The sports betting bill, which would legalize the practice in the state by permitting up to six mobile apps, passed the state House and Senate and now goes to Gov. Phil Scott, who indicated on Friday that he will indeed sign it, Legal Sports Report said. Vermont would be the 38th state to do so and becomes the last holdout in the Northeast to grant residents the right. Vermont is the second-smallest state by population in the United States after Wyoming, so it's not expected to bring in a substantive windfall. The state projects that operators will net $10 million a year in the first year and that the state will make $2 million in taxes. The fourth-highest in both those categories, Florida, has approved the practice but is stuck in legal limbo. Vermont will be one of two states, along with Tennessee, to only permit online sports betting. The official launch is expected for January 2024, with operators set to begin the bidding process in August. faux saint laurent bag
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The sports betting bill, which would legalize the practice in the state by permitting up to six mobile apps, passed the state House and Senate and now goes to Gov. Phil Scott, who indicated on Friday that he will indeed sign it, Legal Sports Report said. Vermont would be the 38th state to do so and becomes the last holdout in the Northeast to grant residents the right. Vermont is the second-smallest state by population in the United States after Wyoming, so it's not expected to bring in a substantive windfall. The state projects that operators will net $10 million a year in the first year and that the state will make $2 million in taxes. The fourth-highest in both those categories, Florida, has approved the practice but is stuck in legal limbo. Vermont will be one of two states, along with Tennessee, to only permit online sports betting. The official launch is expected for January 2024, with operators set to begin the bidding process in August. faux saint laurent bag
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