Vermont Crushing Early Projections in Sports Betting Market

Vermont launched mobile sports betting on Jan. 11, becoming one of the latest U.S. states to throw its hat into the bustling industry.

In the weeks since, the state has seen more monetary success than originally projected. Here’s everything we know about Vermont’s betting expectations and how the state is operating.

Promising Early Returns

Vermont now expects to raise over $3 million in new revenue for the second half of the fiscal year according to Budget and Finance Commissioner Adam Greshin, more than $2 million more than previous estimates. Estimates within five years are between $16-18 million.

This comes after Vermont Gov. Phil Scott announced in December that the state had chosen DraftKings, FanDuel and Fanatics as legal operators of its sportsbooks. The sportsbooks were selected following a competitive bidding process in which state revenue was an important part of the criteria. BetMGM — the third-largest online betting site in the country by market share, behind FanDuel and DraftKings — and PENN Entertainment also bid for authorization but were ultimately passed over. Registrations opened ahead of the launch.

The List Keeps Growing

With Vermont on board, mobile sports betting is now legal in 29 states and the District of Columbia, according to the American Gaming Association. North Carolina is set to join the fray on March 11, one day before the start of the ACC Tournament in Washington, D.C. Seven different sportsbooks have already secured mobile betting licenses in the Tar Heel State, including DraftKings, FanDuel, bet365, Fanatics, PENN Entertainment, Underdog Sports and Bet MGM. A handful of other states currently have legislation on the matter.

Recent estimates have revenue from online sports betting in the U.S. reaching $9.6 billion in 2024 and upwards of $15 billion by 2028, according to data from Statista.

These next few weeks will be among the busiest for the industry, starting with Super Bowl LVIII between the Kansas City Chiefs and San Francisco 49ers on Feb. 11 in Las Vegas. Last year’s Super Bowl drew a record 115 million viewers, more than 50 million of whom were estimated to have bet. The NCAA men’s and women’s tournaments in March are also expected to bring in huge audiences. That bodes well for Vermont betting expectations.

What’s Available?

Bettors are allowed to wager on more than 60 different sports in Vermont, although the options vary by sportsbook. Fanatics, for instance, has fewer offerings than its more-established competitors. Nevertheless, Major League Pickleball and water polo are among the most obscure sports on which Vermonters can bet. Participants must be at least 21 years old.

Upon signing off on legislation in June, Scott reiterated that he’d long supported a push for mobile betting.

“I first proposed legalizing sports wagering in 2019 and the legislature finally agreed this year and I signed it into law,” Scott said via WAMC Northeast Public Radio. “We know many Vermonters already have been involved in sports betting for quite a few years. We also know that one of our neighboring states has already legalized. By legalizing it and bringing it above board not only does it allow the state to gain revenue, but it also allows us to put in consumer protections in place and support prevention initiatives.”

The bill does not allow any physical betting sites in Vermont, meaning all legal bets are done electronically.

Stay tuned for more updates on Vermont betting expectations.

For gambling news, odds, analysis and more, visit Point Spreads.com

Want more articles like this? Check these out:

• Mississippi Online Sports Betting Bill Advances
• Patriots’ Kayshon Boutte Arrested For Illegal Sports Betting
• Super Bowl Projected Bets to Exceed $1 billion
• Lawmakers in Nebraska Want More Oversight Over the NRGC
• Here Are Some Betting Tips Ahead of the Long-Awaited Super Bowl LVIII