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Vermont Sees Promising Start in Sports Betting Debut

Explore Vermont's remarkable foray into sports betting, where the state's inaugural month saw substantial handle and revenue figures, driven in part by out-of-state bettors. Discover the factors behind Vermont's success, projections for future revenue, and the potential impact of collegiate basketball on betting activity.
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Branimir Ivanov | Senior News Contributor

Updated: Feb 22, 2024

Vermont Sees Promising Start in Sports Betting Debut

Vermont, despite its small size, has made a significant splash in the world of sports betting, marking an impressive debut month with substantial handle and revenue figures. According to data provided by the Vermont Department of Liquor and Lottery (DLL) to Vermont Public, the state's three mobile sportsbooks collectively generated nearly $20 million in handle and approximately $1.1 million in revenue in January.

 

Key Expectations:

  1. Strong Debut Performance: Despite its small size, Vermont's sports betting market kicked off with a bang, recording nearly $20 million in handle and $1.1 million in revenue in its first month. This impressive start surpassed expectations and demonstrated the state's potential as a lucrative gambling market.
  2. Out-of-State Participation: A noteworthy aspect of Vermont's sports betting debut was the significant contribution of out-of-state bettors, outnumbering in-state bettors by a considerable margin. This unexpected influx of non-resident participation highlights the appeal and accessibility of Vermont's sports betting offerings.
  3. March Madness Boost: With the arrival of March, Vermont's sports betting market is poised for further growth, fueled by the excitement of the NCAA Tournament, particularly for collegiate basketball. The success of Vermont's collegiate teams, such as the Vermont Catamounts, could drive a surge in betting activity during the tournament, presenting additional opportunities for revenue growth and engagement.

 

 

The launch of sports betting in The Green Mountain State on January 11 was met with enthusiasm and exceeded expectations, largely attributed to the active participation of out-of-state bettors. DLL Commissioner Wendy Knight revealed that non-Vermont residents played a pivotal role in driving the impressive debut, outnumbering in-state bettors by a significant margin, with 35,583 out-of-state bettors compared to 31,275 in-state bettors.

The influx of out-of-state bettors, despite neighboring states offering their own online sports betting options, raised eyebrows. Vermont's proximity to states like New York, Massachusetts, and New Hampshire, each with their own online sports betting platforms, might have suggested a different pattern. However, Vermont's allowance of three sportsbook operators, including DraftKings, FanDuel, and Fanatics, provided a diverse range of choices that appealed to a broader audience.

 

“Vermont's impressive debut in the world of sports betting underscores the state's potential as a thriving gambling market. With strong participation from out-of-state bettors and exciting prospects in collegiate basketball, the stage is set for Vermont to emerge as a significant player in the industry.”

 

As Vermont anticipates the release of February revenue numbers, there is curiosity about whether the trend of out-of-state bettors outnumbering in-state bettors will persist. With a full month of betting and an expected increase in app downloads and usage, the handle for February is projected to see a substantial uptick, likely exceeding January's figures by at least 20%.

Looking ahead, March holds further promise for Vermont's sports betting market, particularly with the onset of the NCAA Tournament for men's and women's basketball. While Vermont residents are typically unable to wager on in-state college teams during regular seasons, exceptions are made for out-of-state tournaments like March Madness.

 

Conclusions

The potential success of Vermont's collegiate basketball teams, particularly the Vermont Catamounts, could significantly boost betting activity during the tournament. With the men's basketball team leading the division and poised for a strong showing, and the women's team showing promise in conference play, the prospect of both teams making it to the Big Dance is a tantalizing one for sports bettors in the state.

As Vermont continues to navigate its burgeoning sports betting market, the enthusiasm and engagement seen in its inaugural month signal a promising future for the state's gambling industry. With increased participation, diverse offerings, and exciting sporting events on the horizon, Vermont's journey into the world of sports betting is off to an auspicious start.

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