Sports Betting

Vermont Sports Betting Handle Falls Below $20M In April, Lowest Since Launch

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Vermont Sports Betting Handle Falls Below $20M In April, Lowest Since Launch

Vermont ended April with a sports betting handle dropping below $20 million, its lowest number since launching. However, revenue increased to $1.6 million. Vermont’s Department of Liquor and Lottery (DLL) reported the Green Mountain state collected $17 million last month, down 15% from March.

Online sports betting first launched in Vermont on Jan. 11, 2024

In June 2023, Vermont became the final state in New England to legalize sports betting. Online sports betting launched in the state on Jan. 11, 2024. This came just in time for the NFL postseason.

Considering the handle dropped two months after Super Bowl LVIII, the decrease is not as shocking as what some gamblers might think. After all, basketball and baseball dominate this time of the year. It should also go without saying that football is the state’s most-popular sport, despite the dreadful New England Patriots finishing last season with four wins.

Despite the decline in handle, Vermont sportsbooks ended the month with a higher gross revenue.

Licensed operators in March kept just 7.5% of the bets they accepted, but that jumped to 10.6% in April. The increase gave sportsbooks a combined $1.6 million in adjusted revenue, up from the initial $1.3 million. Taxes were also raised by 20% to $532,000.

This time of year, basketball is the most wagered-on sport by Vermonters. The Boston Celtics are in the NBA Finals for the second time in three years, and the C’s are aiming for a league-record 18th championship.

The average wager increased to $23.15 in April

Then there’s baseball, which jumped into the second spot. Although the Boston Red Sox are just 28-28 and sit third in the American League East standings, New Englanders enjoy placing wagers on the nine-time World Series champs. Even then, tennis was the only sport to see its handle increase month over month, from $1.5 million to $1.7 million.

While Vermonters are not wagering as often as they did during March Madness, they are still placing more money on fewer games. According to the DLL sports wagering summary report, the only thing that has changed is the volume of wagered-on sports games.

In March, the state had 37,000 active bettors and an average wager of $20.35. In April, the number of bettors increased to 40,000, along with the average wager at $23.15.

April’s handle fell last month compared to March because the overall number of tickets in Vermont declined. There were 992,000 bets in March, but that number dropped to 737,000 in April.