First 6 weeks of legal sports betting in Vermont nets $41.1 million

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MONTPELIER — The Vermont Department of Liquor and Lottery reported a total sports betting handle of $21.2 million for February, the first full month of legal sports betting in the state. Combined with the $19.9 million handle reported in January, players have placed $41.1 million worth of bets in the six weeks following the market’s opening on January 11.

Despite the increase in handle, gross revenue for operators dropped significantly due to a 10% decrease in hold. February’s hold was 12 percent, resulting in revenue of $2.5 million, compared to a 22 percent hold and $4.2 million in revenue in January. Vermont had projected that sports betting would generate $7 million annually for the state, and through the first two months, operators have already paid out $1.9 million.

Fanatics Sportsbook, DraftKings, and FanDuel, the three operators live in the state, paid $731,874 in taxes from an adjusted gross sports wagering revenue of $2.3 million in February.

Basketball emerged as the most popular sport for betting in February, with players wagering $9.5 million on professional and college basketball, compared to $7.4 million in January. Football, which led the way in January with a handle of $7.5 million, dropped to $1.8 million in February, making it the fourth-most popular sport to bet on in the state.

A special revenue report for Super Bowl LVIII revealed that operators paid out $1.8 million in prizes from a handle of $2.1 million, representing a hold of 14.2 percent for operators.

The handle for “all other” sports, which includes MMA, motorsport, and out-of-season baseball, more than doubled in February to $5.5 million from $2.2 million in January.

Out-of-state players wagered twice as much on average per bet compared to in-state players through the first six weeks of betting. Visitors placed bets of $35.98 on average, while residents wagered $18.07 on average. Despite a drop in active users from 52,431 in January to 47,193 in February, over 85,000 more bets were placed in February.

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