With sports betting becoming legal in Vermont back in January, the state has already seen some interesting growth and robust gains to start the year. In fact, per a recent report from an outlet in the state, online sports betting has gotten off to a fantastic start to the year. Liquor and Lottery Commissioner Wendy Knight said that during the first three weeks of operation after sports betting became legal on January 11, almost $20 million was wagered. The average bet has been roughly $23. Knight says the state received approximately $1.1 million in revenue, which is considerably more than projections.
In this article, SBS will be going over the latest gaming news out of Vermont along with more notes and information about gaming in the state.
As referenced in the same report, in its first month, Vermont made over $1 million dollars from sports betting. Moreover, 3033% of post-tax revenue goes to the state, depending on the gaming company (ex. FanDuel). Knight was quoted as saying, “There is far more revenue earned and far more gaming than I had expected,” she said. “We’re also seeing the majority of the sports wagering activity that’s taking place in Vermont is from out-of-state players.” During that three-week period, people placed 850,000 individual bets in Vermont – and more than half of them were out of state.
“Out-of-state players have been playing in other states legally, and now they can engage in online sports wagering in Vermont, and they’re doing so,” Knight said. “That’s also contributing to the strong numbers that we are seeing.” Moreover, the article from Vermont Public also notes that most accounts in Vermont were registered in other states. In this case, 53% of sports betting accounts were by people from out-of-state.
Knight has said it is hard to predict how much the state will receive on an annual basis because this reporting coincided with the NFL Playoffs. As regular readers of this space are aware, these games attract enormous betting interest.
According to a report from the Associated Press, these gaming developments in Vermont were set off by the January 2024 launch of online sports betting in the state. DraftKings, FanDuel, and Fanatics Sportsbook were selected to operate mobile sports betting platforms in Vermont, per Governor Phil Scott. Moreover, he added that the regulated marketplace comes with important consumer protections and will generate revenue for the state. Per the article, the sports betting operation is expected to bring in up to $7 million in revenue to Vermont during the first full year, the governor said. He signed a bill into law in June legalizing online sports betting in Vermont, which joins nearly three dozen other states to do so.
Per the article, participants must be at least 21 years old to place a bet. The Vermont Department of Liquor and Lottery, in consultation with the state Department of Mental Health, will provide a report annually to the Legislature on the impact of sports betting on problem gambling in the state. Operators will also be required to provide the state with a responsible gaming plan each year that includes information about the posting of material related to problem gambling; resources to be made available to bettors with concerns about problem gambling; house-imposed player limits and self-exclusion programs.
As noted in another AP article, the Republican Governor in Vermont is excited to have sports betting available in the state. “I first proposed Vermont legalize sports wagering several years ago, and it is good to see it come to fruition,” Scott said in a statement back in December.” Vermonters and visitors alike will soon be able to access a regulated sports wagering marketplace, which will come with important consumer protections and generate revenue for the State.”
The state has already seen some big sporting events come and go, including the NFL Playoffs and the Super Bowl. Of course, another big wagering event is on the horizon with the NCAA “March Madness” college basketball tournament. With mobile sports betting gaining more momentum in the state, it will be interesting to see if the revenue numbers keep growing at this pace throughout the year, or if they will cool off once the summer months hit during prime MLB season. Moreover, Vermont at least is able to see the growth cycles of what other states have encountered after they have legalized sports wagering so they can factor into some of their projections.
After you are all dialed in regarding the latest gaming news and notes coming from the Green Mountain State, make sure to also check out the wide array of information available to you at SBS. Of course, for even more information on the topic at hand, check out the sports betting in Vermont guide that gives you all the latest updates and notes coming from the state. Conversely, if you are interested in some higher stakes wagering, then check out the VIP sports betting sites rundown where you can learn more about the perks of VIP betting and if it makes sense for you. Finally, for those intrigued by some different deposit and withdrawal options, make sure to check out our payment methods breakdown. Here you can learn more about the different options available to you from cryptocurrencies to more traditional banking routes.
About the Author
As a devout aficionado of sports, Chris Boline has carved a career within the athletic realm. A skilled scribe, he boasts a decade-long portfolio that encompasses coverage of the NBA G League, the Los Angeles Chargers, football in the Mountain West Conference, and basketball. Beyond his professional pursuits, Chris is deeply invested in his community and dedicates his leisure hours to serving on boards, collaborating with community organizations, and cherishing the company of loved ones.
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