With the return of football in August, Vermont saw a boost in betting activity, helping to break a five-month streak of declining figures. As the NFL season kicks off, Vermont’s sports betting landscape is poised to experience another surge, marking the first year of legalized NFL wagering in the state.
Fluctuating Revenues Despite Increased Wagering
In August, Vermont sports betting volume increased to $11.3 million — a 19% rise from July — thanks in part to the NFL’s preseason and the conclusion of the Olympic Games. However, this increase in betting volume did not translate into higher revenues.
Vermont’s gross revenue fell from $1.1 million in July to $856,000 in August, driven by a sharp decline in the hold percentage from 13% to 7.5%. Despite this dip in revenue, the state’s tax revenue for August amounted to $273,000, which continues to contribute to Vermont’s general fund.
The state also saw a shift in the demographics of its bettors. Local betting participation grew by 7% in August, while out-of-state participation surged by 23%. Despite the increase in local bettors, their average wager was lower ($24) compared to out-of-state participants, who averaged $34 per wager. This indicates that while more Vermonters are getting involved, the significant contributions still come from bettors outside the state.
The return of football brought an increase in betting interest, but baseball remained the most popular sport in August, with $3.4 million in wagers. Football — both NFL and college — brought in just under $1 million combined, a number that is expected to grow considerably with the sport now in full swing.
With the official start of the NFL season, Vermont’s sports betting handle is set to expand further, as more fans engage with betting opportunities throughout the regular season and into the playoffs.
First Full Season of NFL Betting and Revised Projections
The NFL season marks a significant milestone for Vermont, as this will be the first full season of legalized NFL betting in Vermont. Betting platforms only went live in January, and since then Vermont has exceeded initial expectations.
The original income projection of $2 million has been revised upwards to $3.5 million, reflecting the high demand for sports betting in the state. Andrew Collier, deputy commissioner for the Department of Liquor and Lottery, stated,
“We saw the demand that the state had and so we revised that projection.”
Collier’s optimism extends to future revenue expectations, with hopes of reaching $7 million by the end of the fiscal year. This optimism is supported by the numbers, as over 200,000 people had already utilized Vermont’s wagering platforms by July.
The surge in activity expected from NFL betting, one of the most popular sports for wagering, should further boost these figures. With the high engagement levels seen in neighboring states and the appeal of the NFL, Vermont’s sports betting handle is set to experience significant growth in the coming months.
Focus on Responsible Gaming Initiatives
As Vermont continues to expand its sports betting market, it has also made a concerted effort to ensure responsible gaming remains a priority. The state has dedicated funding for responsible gaming initiatives, and it has partnered with Vermont’s Department of Mental Health to provide resources for individuals who may be struggling with gambling issues.
Collier highlighted the importance of this partnership, noting,
“What was great about the passing of the sports betting in Vermont, legalization, is the dedicated funding for responsible gaming.”
The increased awareness and availability of responsible gaming resources are key components of Vermont’s approach to legal sports betting. According to the American Gaming Association (AGA), responsible gaming messaging has been on the rise across the country, with 96% of active sports bettors aware of at least one responsible gaming resource. Vermont’s proactive stance in this regard positions it well as the state continues to grow its sports betting market.
