Sports Betting
Vermont Sports Betting Handle Hits New Low In May
James is a dedicated sportswriter. He earned his bachelor's degree in English and Creative Writing from Southern New Hampshire University. James enjoys watching sports and helping gamblers win money.
All posts by James FoglioUpdated17 Jun 2024
Vermont hit a new low with its sports betting handle in May 2024, with operators accepting $12.6 million in wagers. That's a 26% decline from April, according to the state's Department of Liquor and Lottery's (DLL) summary report.
Vermont sportsbooks ended May with an adjusted revenue of $1.2 million, down 25% from April's $1.6 million
Sportsbooks ended the month with an adjusted revenue of $1.2 million, down 25% from April's $1.6 million. The Green Mountain State operators also saw winning payouts of $11.3 million. The tax revenue share totaled $382,430 as well.
Vermont sports betting first launched on Jan. 11, 2024. HB 127 allows the DLL to issue between two to six licenses. Only three online sportsbooks are available in the state: Fanatics, FanDuel, and DraftKings.
Although basketball led all other sports in handle with $4.07 million, it still fell by $2 million compared to April. The Boston Celtics defeated the Cleveland Cavaliers in five games of the Eastern Conference semifinals and swept the Indiana Pacers in the conference finals.
Baseball finished second with $2.75 million in total wagers. The handle dropped by about $200,000 from April. The Boston Red Sox are in their 124th season and 113th season at Fenway Park. The Red Sox went 12-16 in May.
Tennis placed third with $1.37 million in handle, followed by hockey ($1.20 million), soccer ($38,045), and all other sports ($3.16 million). Hockey's handle almost doubled in May compared to April.
Average wager for all bets was $22.75, a drop from April's $23.15
In May, the average wager for all bets was $22.75, a drop from April’s $23.15. This includes best from both out-of-state and in-state residents.
The total number of wagers also decreased from April. In March, Vermont sportsbooks accepted about 992,000 bets. In April, the wagers fell to 737,000. The decline continued in May, with operators registering 554,000 in tickets.
Additionally, the number of active users also dwindled. In April, roughly 40,000 bettors gambled in the Green Mountain State. However, only 27,000 gamblers in May placed a wager in Vermont. Nearly 9,000 came from out of state.
