America’s newest sports betting market exceed expectations to start the year.
The Vermont Department of Liquor and Lottery reported a $19.9 million total sports betting handle since the state launched online wagering on Jan. 11. Vermont became the 38th state to offer regulated sports betting and saw three operators go live with online wagering on launch day. The trio of operators included DraftKings, FanDuel, and Fanatics Sportsbook.
The group paid out $15.7 million in winnings to customers in the first three weeks of sports betting in the Green Mountain State, which resulted in roughly $2.4 million in revenue. The figure left Vermont with approximately $1.1 million in revenue from online sports betting.
“There is far more revenue earned and far more gaming than I had expected,” Vermont Liquor and Lottery Commissioner Wendy Knight told 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.”
Vermont saw more than half of its nearly 850,000 bets come from out-of-state players. Those bets came from 66,857 active accounts across the state’s sportsbooks, which offer a diverse catalog of betting markets. The markets include the NFL and niche leagues including World Chase Tag, Major League Fishing, and the Drone Racing League.
Framework of Vermont sports betting
Vermont authorized sports betting in June 2023 after Gov. Phil Scott signed House Bill 127 into law. The piece of legislation, which excludes retail wagering, requires sports bettors to be 21 or older with wagering on college teams in the Green Mountain State prohibited. Wagering in Vermont under HB 127 sees operators share at least 20% of their revenue.
Vermont is projected to generate roughly $7 million in tax revenue annually from wagering.
