Vermont Online Betting Expectations Crushing Early Projections

Vermont Betting Revenue: $1.1M Reported Since Jan. 11 Launch

Online sports betting is an early hit in Vermont.

Within the first three weeks of operation after sports betting became legal on Jan. 11, the Green Mountain State generated nearly $1.1 million in revenue, according to Vermont Public. By all accounts, that far exceeded expectations.

Wendy Knight, Vermont’s Liquor and Lottery Commissioner, revealed that the total amount wagered exceeded $19 million.

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

Here’s what else we know about Vermont betting revenue.

Dipping Into New Territory

Nearly 850,000 bets were placed in Vermont during that period at an average of $23. Over half of the bettors were from out of state, and 53% of the accounts (35,582) belonged to visitors. Online sports betting is legalized throughout New England, so there may be several explanations for why the handle breaks down in that manner.

“Out-of-state players have been playing in other states legally, and now they can engage in online sports wagering in Vermont, and they’re doing so,” Knight added. “That’s also contributing to the strong numbers that we are seeing.”

Vermont is now one of 29 U.S. states — including Washington, D.C. — with legalized online sports betting. North Carolina is set to join that list next month with an official launch date of March 11, just before the start of the NCAA Tournament. Several other states, such as Alabama, are considering legislation for online sports betting.

It’s relatively common for residents of neighboring states to cross into new betting areas. Some states offer exclusive promotions, which can be a draw for bettors seeking value and a way to boost their bankroll. What’ll be interesting is whether recent trends continue.

Uncover Exclusive Picks & Predictions From Our Experts.

Giving Back

State betting legislation allows licensing for up to six online sportsbooks operators, however, only three were selected in the first go-round. DraftKings, FanDuel, and Fanatics Sportsbook were approved over BetMGM and PENN Entertainment’s ESPN Bet.

Pre-registration began on Dec. 12, 2023, allowing bettors time ahead of the Jan. 11 launch date to decide how to pick an online sportsbook.

Both DraftKings and Fanatics committed to allocating 31% of their Vermont betting revenue to the state for tax purposes, with FanDuel at 33%.

“I first proposed Vermont legalize sports wagering several years ago, and it’s good to see it come to fruition,” Vermont Gov. Phil Scott said via Gaming Today. “Vermonters and visitors alike will soon be able to access a regulated sports wagering marketplace, which will come with important consumer projections and generate revenue for the state.”

Options at Play

These sportsbook operators allow Vermonters to wager on everything from the NFL, NBA, NHL, and MLB to more obscure sports such as cornhole and drone racing. Plenty of collegiate sports are also accessible. At the moment, they’re only accessible for Vermonters through mobile applications, as future expansion into retail platforms is still up in the air.

Forecasts have Vermont betting revenue nearing $7 million during its first year and between $16-18 million over the course of the next five years.

Stay tuned for more news updates on betting across several states, including Vermont.

For betting news, calculating odds on sports arbitrage calculators, and more, visit Point Spreads Sports Magazine.


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