Vermont Sports Betting Surpasses Expectations with $21 Million Handle in First Full Month

One of just three operating in the state

Vermont’s foray into the world of sports betting has proven to be a lucrative venture, with the state generating an impressive $21.2 million in handle in its first full month of operation. This follows a strong start in January, where the state collected $19.9 million in betting handle. With only three online sportsbooks available to Vermont residents – DraftKings, FanDuel, and Fanatics – the stage was set for a promising year in the world of sports wagering.

In February, basketball dominated the sports betting landscape in Vermont, accounting for a substantial $9.5 million in betting handle. With both the NBA and college basketball in full swing, it came as no surprise that this sport attracted a significant portion of the state’s total wagers. Tennis followed closely behind with a handle of $2.3 million, showcasing the diverse interests of Vermont’s bettors.

Football and soccer also made their mark, each contributing more than $1 million in handle. Combined, these two sports added over $3 million to the betting handle. Additionally, “all other” sports saw a collective handle of close to $5.5 million, highlighting the wide range of sports that Vermont residents wagered on.

While specific breakdowns of handle and revenue by operator are not disclosed by the Vermont Department of Liquor and Lottery (DLL), the reports do provide valuable insights into the volume of active users and bets placed each month. Out-of-state patrons contributed a substantial $6.7 million to the total handle, with 19,289 customers placing a staggering 194,029 bets. The average value of each bet placed by these out-of-state residents was $34.67.

In-state users, on the other hand, were responsible for the majority of the handle, with $14.5 million. With 27,904 active in-state users, the average bet value was approximately half that of out-of-state residents at $34.67. Overall, February saw a total of 47,193 active betting users, who placed a remarkable 991,216 bets. The average token value of each of these bets stood at $21.44.

In its journey to becoming the 38th state to legalize sports betting, Vermont made a proactive decision to ban prop betting on individual players participating in college events sanctioned by the NCAA. By doing so, Vermont joined the ranks of Maryland, Ohio, and Louisiana, aiming to protect student-athletes from potential harassment from sports bettors.

The Vermont DLL, in an update to its catalouge, explicitly stated that “Individual player proposition (prop) bets will not be allowed on any NCAA allowed game offered in Vermont. Proposition bets that cover the entire team will be allowed.” This move is not expected to have a significant monetary impact on the state’s operators, considering Vermont’s relatively smaller market size. However, it demonstrates the state’s commitment to ensuring the integrity of college sports and safeguarding the well-being of student-athletes.

Despite being a relatively new entrant into the world of sports betting, Vermont has already surpassed initial expectations, as observed by Wendy Knight, the Liquor and Lottery Commissioner. The revenue and gaming figures have exceeded predictions, even considering the limited sample size. Notably, the majority of sports wagering activity in Vermont comes from out-of-state players who were previously engaging in legal sports betting in other states. Now, they have the opportunity to participate in online sports wagering within Vermont, contributing to the strong numbers witnessed by the state.

“There is far more revenue earned and far more gaming than I had expected. We’re also seeing that the majority of the sports wagering activity that’s taking place in Vermont is from out-of-state players,” Wendy Knight stated in a recent interview.