By Dave Fidlin | The Center Square
Vermont’s governor is betting on sports revenue.
While official legislation has yet to be passed, Gov. Phil Scott’s recently unveiled fiscal year 2024 budget includes an anticipated $2.6 million in revenue from potential sports betting legalization.
The line item was one of multiple provisions discussed in a House Committee on Appropriations meeting Monday. Members in both legislative chambers of the Vermont General Assembly have begun deliberating on the upcoming budget, which will take effect in June.
Adam Greshin, commissioner of the Department of Finance and Management, provided the House committee with a high level overview of the general fund budget.
Sports betting revenue was one of Scott’s seven initiatives in the budget document.
“Our understanding is it has a chance this year of crossing the finish line,” Greshin said of the rationale behind placing the revenue line item in the fiscal year 2024 budget.
In the second half of 2022, a task force convened to dig into the intricacies of sports betting and how it might function in Vermont. Panelists last month recommended moving forward, with a number of provisions in place.
“There are many other states doing it,” Greshin said at the meeting. “It’s a bit like the cannabis debate. If people are doing it, why not regulate it and gain revenue from it? I think that’s probably what’s driving the discussion.”
The committee also discussed anticipated revenue from settlements reached through the state attorney general’s office, which this year has an earmarked $1 million on the revenue side of the ledger.
The figure varies from year to year, Greshin said, and at this time is preliminary.
“With the attorney general, we very simply dial up and say, ‘What do you expect?’” Greshin said. “It’s not our swim lane, so we take our best estimate from them. If I were a betting man, I’d say that’s low. But we’re trying to take what they’ve given us.”
Scott’s proposed fiscal year 2024 budget clocks in at $8.37 billion. By contrast, the previous year’s budget totaled $8.35 billion.
Despite the near similar figures, Greshin said there are a number of distinct differences between the two budgets – particularly from revenue sources.
“The budget is about the same, but the composition of that $8.37 billion is quite a bit different,” Greshin said. “The federal funds component has fallen sharply – about a half a billion dollars. The state funds component has risen sharply, by about that same amount.”
In his annual letter, outlining his vision in the proposed budget, Scott said the plan he presented is “undoubtedly the most significant budget I have presented in my time as governor.”
Outlining some of his proposals, Scott in the letter wrote, “My budget proposes $77 million in new, ongoing initiatives, which includes a massive increase in the state’s investment in child care.
Scott added, “Over $230 million of surplus money is invested in one-time projects for everything from bolstering our cellphone infrastructure, to trades scholarships, to building and rehabilitating our housing stock.”
7 thoughts on “Scott’s 2024 budget proposal anticipates $2.6M in sports betting revenue”
Notice how it’s increased even above the amounts where we were given massive money from the Feds?
But now we have to raise the income locally?
What’s another billion dollars from the pockets of Vermonters?
Let them subsidize the Tesla charging stations, let them sexualize your children at 5 yrs old…….please enjoy your subsidized housing, you will never own anything…..generational poverty guaranteed, seems to be the Vermont way.
What a concept, tie your budget to a vice that puts peoples only hope in survival in gambling. How about making it easier for business to operate and startup in the state? How about making the state a less expensive place to live? How about reverting to pre 70’s era when Vermont was still Vermont and not a annex of NY, Conn, Mass and Commiefornia…I learned long ago that the prospect of getting self sufficient off of gambling has about the same chance of getting hit by lightning.
“Other states are doing it”
Surely a sign deep thought and great leadership….
Don’t tax porn, no don’t do that. We’ll tax and promote every deviant thing on the plant.
What could be wrong with this idea?
too many people would have to start a charge account.
Why is at the beginning of the pandemic all the porn site “suddenly” started promoting sex within the family????
Combined the porn site are perhaps the top ten search sites! Where are the religious leaders ? Eve in the most decadent roman culture it was considered abhorrent that stepsons should sleep with their step mothers. But what do we see promoted?
Stepson and step mother
Step daughter and step father
Step brother and sister
Why? Why? Why? All at the same time.
What would this do to families?
Vt , home of drugs dealing, gambling, lottery tickets, prostitution, and porn.
And why aren’t families flocking here?
Sports betting is not a good idea.
It’s part of the new family recruitment strategy.
Bla bla bla bla bla.
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