In May 2024, Vermont’s sports betting market experienced a notable decline, with the handle totaling $12.6 million. This figure represents a 27% drop from April’s handle. The betting activity involved approximately 554,000 individual wagers, each averaging $22.75.
Overall Handle and Betting Activity
Vermont’s sports betting handle for May 2024 was $12.6 million. This marked a significant decrease of 27% compared to April, which saw a higher volume of betting activity. Despite this drop, the number of individual bets remained robust, with close to 554,000 wagers placed throughout the month. The average wager per bet was $22.75, indicating a moderate level of betting intensity.
In-State vs. Out-of-State Wagers
Out-of-state players contributed a substantial portion of the betting handle. Specifically, $2.7 million of the total $12.6 million came from out-of-state wagers. This accounts for nearly 20% of the total handle. Interestingly, the average bet from out-of-state players was $30.67, which was higher than the $22.75 average bet placed by Vermont residents. This suggests that out-of-state players tend to wager more per bet compared to local bettors.
Financial Outcomes for Players and Operators
Players had a successful month, taking home $11.3 million in winnings. This substantial payout highlights the competitive nature of the betting market in Vermont. Meanwhile, sports betting operators reported an adjusted gross sports wagering revenue of $1.2 million. This revenue figure is a critical indicator of the profitability of sports betting operations within the state.
Regulatory and Market Context
Online sports betting in Vermont officially launched on January 11, 2024, with major platforms like DraftKings, FanDuel, and Fanatics Sportsbook entering the market. This development follows the passage of HB 127, signed into law by Governor Phil Scott in June 2023. The introduction of these platforms has been a significant factor in shaping the state’s sports betting environment.
Future Outlook
The 27% decline in the betting handle from April to May suggests a possible fluctuation in betting interest or external factors affecting wagering behavior.
Furthermore, as the online sports betting landscape continues to evolve, monitoring future months’ data will be crucial for assessing the long-term viability and growth potential of Vermont’s sports betting market.
Vermont’s sports betting market in May 2024 presented a mix of significant insights and evolving trends. The notable decline in handle, coupled with the substantial role of out-of-state players and the strong performance in basketball betting, highlights both opportunities and challenges within the state’s betting landscape. As online sports betting continues to develop, understanding these patterns will be key to predicting future trends and shaping the market’s growth trajectory.