Vermont Sports Betting Sees Continued Decline in July

Vermont’s sports betting market experienced another disappointing month in July, with the total handle falling to just under $9.5 million. This marks the first time the state’s monthly handle has dipped below $10 million, continuing a downward trend that has persisted since the launch earlier this year.

According to data from the Vermont Department of Liquor and Lottery (DLL), the summer lull in major sports like the NFL, college football, and the NBA has heavily impacted the state’s betting activity. After launching in January, Vermont saw an initial uptick in February, but every subsequent month has recorded a lower handle than the previous one. July’s handle is 52% lower than January’s peak.

Despite the decrease in wagers, revenue for operators actually saw a slight increase in July. This is largely due to a higher hold rate of 13%, up from June’s 9.2%. As a result, operators collected $1.1 million in revenue, leading to a tax contribution of approximately $366,000.

A significant portion of the betting activity in Vermont comes from out-of-state gamblers. In July, out-of-state bettors contributed 36% of the total handle, placing $3.5 million in wagers. This is a notable increase from June, where 9,000 out-of-state bettors combined for $2.5 million in handle. However, the number of out-of-state bettors dropped to around 5,000 in July, though their betting volume increased.

Baseball currently leads as the most popular sport among Vermont bettors, accounting for $3.12 million in handle in July. Tennis follows with $2 million in wagers. With the football season approaching, these numbers are expected to rise as NFL and NBA betting typically drive more activity.

Vermont’s sports betting market currently operates under HB 127, which allows the DLL to issue between two to six licenses. As of now, only three online sportsbooks—Fanatics, FanDuel, and DraftKings—are available in the state.