Vermont Sees 25.6% Drop in Sports Betting Revenue for August
In August, Vermont’s sports betting revenue took a notable hit, dropping 25.6% compared to July. The state’s Department of Liquor and Lottery reported that operators generated $856,707 in revenue, down from the $1.2 million recorded the previous month.
Increased Betting Handle Amid Revenue Drop
Interestingly, while revenue decreased, the total handle—the amount of money wagered—saw an increase. Bettors in Vermont placed $11.3 million in bets during August, a 19.5% rise from the $9.5 million wagered in July.
This paradox of higher betting activity but lower revenue suggests a shift in betting patterns, possibly due to favorable outcomes for bettors or promotions from operators.
A comparison with earlier months paints an even starker picture. Vermont’s sports betting market has seen a downturn since February, the first full month of legalized mobile sports betting.
Revenue has dropped by 62.8% since then, and the handle has fallen by nearly half—46.7%—from February’s $21.2 million. This indicates a cooling-off period following the initial surge in betting activity when the market was new.
Tax Contributions Reflect Revenue Drop
The state’s tax revenue from sports betting has mirrored the overall decline. In August, Vermont collected $273,126 in taxes from operators, down 25.5% from July and a substantial 62.7% from February.
Despite the overall decline, certain sports continued to attract strong betting activity. Baseball emerged as the most popular sport in August, with $3.5 million in wagers.
In-state bettors accounted for $7.8 million of the total handle in August. An additional $3.5 million in wagers came from individuals who crossed the state border to place their bets in Vermont. ts.
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