Vermont sports betting handle drops for second successive month in April

Vermont statehouse in Montpelier
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Sports betting handle in Vermont decreased for a second successive month in April. 

The Vermont Department of Liquor and Lottery reported that $17.1 million was wagered on sports in April. This figure represents a 15.3% drop compared to the 20.2 million wagered in March and the $21.2 million handle reported in February, the first full month of sports betting in the state.

Fanatics Sportsbook, DraftKings and FanDuel are all live in the state and so far the trio has posted a total sports betting handle of $78.4 million since operations began.

Despite a drop in sports betting handle, gross revenue was up 17.8% to $1.8 million off the back of a 10.5% hold. Operators generated revenue of $1.5 million in March from a hold of 7.4%.

Operators paid out just over $530,000 to the state in tax in April, up from just over $441,000 in March. Before launch Vermont projected that sports betting would net the state $7 million annually. Through the first four months, Vermont has collected $2.9 million meaning that it is on track to exceed the $7 million estimation.

Basketball remains on top

For a third-straight month basketball was the most bet on sport in Vermont. Players wagered $6.1 million on basketball in April, down almost 50% compared to the $11.7 million handle Basketball generated in March. This drop-off was to be expected given that March Madness, one of the biggest events for sports betting, was taking place throughout March.

The start of the MLB season also saw baseball jump up into second spot with a total handle of just under $3 million. Tennis was the only other sport in March to draw a seven-figure handle, with just under $1.7 million being wagered on the sport.

Tennis sits alongside basketball as the only two sports to have hit over $1 million in handle in all four months of sports betting in Vermont. Betting on tennis peaked in February when it generated a handle of $2.3 million.

The catch-all category of “all other” sports had a total handle of $5.1 million, up from $4.8 million in March.

In-state players close the gap

Vermont regulators also provide a breakdown of the gambling habits of players who reside in Vermont compared to those visiting the Magnolia State.

In previous months, out-of-state players have typically wagered twice as much on average per bet compared to in-state players. In April that gap closed slightly with in-state players betting $21.81 on average compared to the $30.56 average wagered by visitors.

The total number of active users in Vermont increased to 40,876 compared to 37,509 and the average value of bets also increased to $23.15 from $20.35. Despite this, the total number of bets dropped by nearly 200,00 which explains a decreased total sports betting handle in April compared to March.