Vermont Sportsbooks Underwhelm in March
Vermont March Handle Drops to $20.1 Million
March is typically a prosperous month for sportsbooks, buoyed in large part by the NCAA Tournament. College basketball’s marquee event brings in all types of fans, from the casuals to the diehards. Despite that, it proved to be a relatively quiet month on the betting front in Vermont.
The Green Mountain State saw just $20.1 million in wagers during March, a surprising decrease from February’s total of $21.2 million. According to Vermont’s Department of Liquor and Lottery, revenue was also down. The state’s sportsbooks collected a combined $1.3 million in gross revenue, compared to $2.3 million the previous month. All told, that marks a 43% decline from month to month.
What’s to make of those numbers? Here’s a closer look at Vermont’s March handle drop.
Basketball Tops Hande
Unsurprisingly, basketball was the most-bet sport across Vermont. Between NCAA and NBA bets, basketball saw eight times more action than the second most popular sport, tennis. Operators collected approximately $11.6 million in basketball bets. Tennis ($1.5 million) and hockey ($1.1 million) were next on the list, each suring the $1 million threshold in handle. Soccer ($796,000) and baseball ($260,000) lagged considerably behind.
Vermont is one of the smallest states by population and handle, so expectations aren’t as bold for the Green Mountain State. Still, Vermont’s March handle drop is a bit disappointing. Vermont does not have any professional sports teams, so college sports are where online sportsbooks should thrive.
It certainly doesn’t help that the Vermont men lost their opening-round tournament game to Duke.
The scoop shot sends Vermont into the half down five 👀#MarchMadness pic.twitter.com/Z2JVI7yH54
— NCAA March Madness (@MarchMadnessMBB) March 23, 2024
Hold Percentage Drops
Vermont’s sports betting tax bill came to $441,000 for March, while the hold percentage dropped to 7.5% from 11.5%. Some of that can be chalked up to a drop in promotional spending, which isn’t uncommon months after a launch. But the numbers are still disappointing from an operator’s perspective.
Launch Numbers Set High Bar
FanDuel, and Fanatics Sportsbook as the three licensed operators. The state experienced immediate success, collecting approximately $20 million in bets during the first month of action. That translated to roughly $1.1 million in revenue for the state, beating even the most optimistic expectations.
“There is far more revenue earned and far more gaming than I had expected,” Wendy Knight, Vermont’s Liquor and Lottery Commissioner, said at the time.
Out-of-state players ed for roughly 53% of that action. Given that Vermont was among the last states in New England to greenlight online sports betting, there are a few reasons to explain the total. One being, bettors may have traveled across state lines and into Vermont to capitalize on new promotional boosts and other offers.
It is not uncommon for states to see strong early returns, as launches typically welcome a rush of new bettors. At the same time, Vermont hopes to improve on its March totals.
Stay tuned for more updates on Vermont’s March handle drop.
For Point Spreads Sports Magazine
