In July 2024, Vermont’s sports betting market experienced a complex landscape of shifting metrics. Although the total betting handle and in-state wagers saw decreases, revenue and tax contributions significantly increased.
Handle Trends
Vermont’s sports betting handle for July 2024 reached $9.5 million, reflecting a decrease of 5.8% from June. This reduction in the total amount wagered highlights a cooling trend in overall betting activity. The decline in handle could be attributed to a variety of factors, including seasonal changes, fluctuations in sports schedules, and shifts in bettor engagement.
In-State Betting Activity
In-state bets totaled $5.9 million in July, a notable drop of 21.1% from the previous month. This sharp decrease warrants further examination to understand its underlying causes. Possible explanations for the decline include reduced local interest in sports, economic factors affecting disposable income, or competition from other betting options available to residents.
Revenue Growth
Despite the decrease in both overall handle and in-state bets, Vermont’s sports betting revenue saw a robust increase, reaching $1.15 million. This figure represents a significant 24.7% rise from June’s revenue. The revenue growth suggests that the nature of bets placed may have been more favorable, or that changes in betting patterns led to higher profitability per wager.
Tax Revenue Impact
The state’s sports betting tax revenue in July amounted to $366,664, marking a 24.4% increase from the previous month. This rise in tax revenue parallels the growth in overall revenue and indicates a positive outcome for state finances. The increase in tax revenue highlights the effectiveness of Vermont’s sports betting regulations and the sector’s contribution to the state’s economy.
Comparative and Historical Context
To fully understand the implications of July’s figures, it’s useful to compare them with historical data and industry trends.
The data from July 2024 reveals a mixed picture for Vermont’s sports betting market. While the handle and in-state bets experienced declines, the significant increases in revenue and tax revenue suggest underlying strengths in the market.