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Vermont may be one of the smallest states in the country, but it had a big first month of sports betting.
The state’s three mobile sportsbooks generated nearly $20 million in handle (total money wagered) and around $1.1 million in revenue in January, according to data provided to Vermont Public by the Vermont Department of Liquor and Lottery (DLL).
Sports betting launched in The Green Mountain State on Jan. 11.
Non-Vermonters played an important role in expectations-beating debut
Among the keys behind Vermont’s strong sports betting start was gambling from out-of-state users, DLL Commissioner Wendy Knight told Vermont Public.
Data from the DLL shows that out-of-state bettors outnumbered in-state bettors 35,583 to 31,275. This figure is likely gathered by analyzing the state of residence of people using Vermont’s sports betting apps.
That figure is a bit surprising, as all three of Vermont’s neighbors have online sports betting: New York, Massachusetts, and New Hampshire.
However, New Hampshire allows just one sportsbook to operate in their state, DraftKings. Meanwhile, Vermont allows three sportsbook operators (DraftKings, FanDuel, and Fanatics).
As we await Vermont’s February revenue numbers, it will be interesting to see if out-of-state bettors continue to outnumber in-state bettors.
What can we expect from Vermont’s first full month of revenue?
When the DLL releases revenue data for February next month, the handle will likely increase by at least 20% over January. First, the state will have a full month of betting. Second, more bettors will probably download and use one, two, or all of the apps in the state.
That trend should continue into March as more bettors sign up for sportsbook apps as the NCAA Tournament tips off for men’s and women’s basketball.
Vermont college teams could boost March gambling
Vermont residents can’t bet on in-state college teams during the regular seasons. However, they are allowed to wager on Vermont collegiate squads during out-of-state tournaments like March Madness.
As such, we could see handle get a significant boost if the Vermont Catamounts‘ men’s and women’s basketball teams make it to the Big Dance by winning their conference tournaments.
The Catamounts’ men’s basketball team is 21-6 and leads the division. ESPN analyst Joe Lunardi has the Catamounts’ men’s team pegged as a 14-seed in the men’s tournament via an automatic bid earned by winning the American East post-season tournament.
ESPN doesn’t have the women’s team earning a spot in March Madness. But the team is 10-3 in conference play and could sneak in by winning the conference tournament.
