Vermont Democrats’ Debit Card Illicitly Used to Wager on FanDuel
Someone misused a debit card belonging to the Vermont Democratic Party and charged $925 on the sports betting site FanDuel.
After misuse of the funds was uncovered, the money eventually was returned to the state’s Democratic Party, Raw Story, an independent news outlet, recently reported.
Details on the theft weren’t released to the public. But it appears the theft was limited to the $925. No suspects have been named or arrested.
Over the last 12 months, various political organizations and political action committees nationwide have lost money in thefts, according to Raw Story.
Criminals have stolen millions of dollars from many political campaign committees. For example, about $40K was stolen both from a political committee for Rep. Jim Banks (R-Ind.) and a political action committee earmarked for miners, Raw Story reported.
Vermont Sports Betting Launches
Online sports betting began in Vermont on Jan. 11. Retail sports betting hasn’t been approved in the state.
Vermont’s 2023 sports betting bill allowed for up to six operators. But only three, DraftKings, FanDuel, and Fanatics, applied.
The state wants the sites to generate $7M in revenue in the first year of operation. Budget analysts estimate that sports wagering could eventually net the state up to $10M per year, depending on the level of interest from betting platforms.
Some of the money collected by the state will go to a new Sports Wagering Enterprise Fund to address problem gambling issues, as well as fund regulatory costs.
Vermont’s sports betting regulations require that gross sports betting revenue face a minimum tax rate of 20%. Licenses will cost at least $559K and run for at least three years.
Betting Options
It was in January that FanDuel became available in Vermont.
Wagers in Vermont on the site can be made on NFL, NBA, MLB, NHL, MMA, golf, boxing, soccer, and other athletic events. In Vermont, bets can be taken on most collegiate sports, except for regular-season games involving Vermont-based universities.
Vermont Gov. Phil Scott (R) repeatedly voiced his support for bringing legal sports gambling to the state. His and other supporters’ reasoning was that such betting was already legal in all of Vermont’s bordering states, including New York, New Hampshire, and Massachusetts.
The Vermont Department of Mental Health last week launched its website dedicated to helping those afflicted with gambling disorders and addictions.
In light of the losses reported by various political organizations, it's concerning to hear that even a political party in a state like Vermont hasn't been immune to financial mismanagement, with $925 being stolen from the Vermont Democratic Party's account on a sports betting site. Despite this being an isolated incident, it underscores the need for vigilance in managing financial resources.
In a different context, Vermont Governor Phil Scott, a supporter of legal sports gambling, has seen his preferred betting site, FanDuel, launch in Vermont. With this launch, Vermont residents now have the option to place bets on a variety of sports events, including NFL, NBA, MLB, and MMA, among others, on FanDuel.
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