Summer can’t end soon enough for Vermont sports betting operators.
The summer drought of sports action is ending, much to the relief of operators in The Green Mountain State, as it continues to experience a downturn in its betting handle.
Vermont’s Department of Liquor and Lottery reported that the state took in just under $9.5 million in bets last month. This marks the first time the state-wide handle has fallen below $10 million, continuing a trend of declining action.
Vermont Started The Year Strong
Since the launch in January, only February saw an increase in wagers. The inaugural month remains the highest, with AGR nearly hitting $3.6 million. February, driven by the Super Bowl, saw the highest handle at $21.2 million.
Over the next five months, each month has recorded a lower handle than the previous one. July’s handle is 52% lower than January’s. However, with football season approaching, these numbers are expected to rise.
The News is Not All Bad in The Green Mountain State
On a positive note for sportsbooks, despite the month-over-month drop in action, revenue slightly increased. Thanks to a 13% hold, compared to June’s hold of just over 9%, operators grossed a little more than $1 million in July, resulting in a tax bill of around $366,000.
Out-of-town business also came up big. In June, 9,000 out-of-state bettors contributed $2.5 million to the handle. In July, the number of these bettors dropped to approximately 5,000, but their wagers increased to $3.5 million. This means that non-Vermonters accounted for 36% of the total handle last month.
The report from the Department of Liquor and Lottery breaks down the handle by sport, showing baseball as the most popular, generating $3 million. Tennis came in second with $2 million, followed by soccer at $1 million. Basketball was fourth with $950,000, and table tennis followed with $540,000.
Overall Sports Betting Numbers Remain Strong
Vermont made $3.5 million from online sports betting in the first six months after it became legal. This was a bit more than what state analysts had expected. The state got this money from the $11 million that betting companies earned in Vermont during that time.
People in Vermont, or those visiting, bet over $100 million on sports from January to June. However, almost 90% of that money was paid out to winners.
When online sports betting was legalized in June 2023, it was estimated to bring in $2 million in the first six months. But officials soon realized the market was bigger than expected. Wendy Knight, the commissioner of the liquor and lottery department, told the VT Digger “We’re pleased,” she said. “We demonstrated that we were able to capture some revenue that had gone to other states.”
Last year, geolocation data revealed a fascinating trend: Vermonters were crossing state lines, primarily into New York, to place their bets, while thousands of others attempted to access sports betting platforms illegally.
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