Vermont Sports Betting Continues Downward Trend In July

Vermont sports betting operators reported yet another disappointing handle for the month of July, as the summer drought of NFL, college football, and NBA action continues to impact the Green Mountain State.

Vermont sports betting continues lackluster streak after operators accepted just under $9.5 million in bets in July

According to the Vermont Department of Liquor and Lottery (DLL), licensed operators accepted just under $9.5 million in bets last month. This is the first time the state-wide handle fell below $10 million and continues a disappointing streak.

In May, operators accepted $12.6 million in wagers, a 26% decline from April. Sportsbooks ended the month with an adjusted revenue of $1.2 million, also down 25% from April’s $1.6 million.

Following January’s launch, only February saw an uptick in wagers. Since then, the past five months have produced a lower handle than the previous one. July’s handle is 52% lower than January. Although wagers fell month-to-month, revenue reportedly increased a bit.

Because of the 13% hold, higher than June’s 9.2%, the operators collected $1.1 million in July. The tax bill came to about $366,000. Both in-state and out-of-state bettors contributed to the action.

Out-of-state gamblers contributed 36% of the total handle

In June, a total of 9,000 out-of-state bettors combined for $2.5 million in handle. However, the number of bettors dropped to approximately 5,000 in July. Even then, those active users placed $3.5 million in wagers last month.

Per the DLL, this means out-of-state gamblers accounted for 36% of the total handle. In February, when Vermont sports betting hit its all-time high, out-of-staters made up just over 31% of the action.

Since football season is around the corner, these numbers are expected to increase. Baseball is currently the most bet-on sport in the Green Mountain State, with $3.12 million in handle last month.

Tennis is second in Vermont with $2 million in wagers. Both the NFL and NBA typically top the list, but operators are forced to rely on baseball and tennis during the down months.

HB 127 allows the DLL to issue between two to six licenses. Only three online sportsbooks are available in Vermont: Fanatics, FanDuel, and DraftKings.