Despite Vermont’s smaller population, its performance was impressive and stands out when analyzed relative to its population size.
Vermont’s Sports Betting Performance in May 2024
Vermont, home to around 647,464 residents, reported a sports betting handle of $9,847,757 in May 2024. This activity generated a revenue of $996,083, equating to a hold percentage of 10.1%. The tax revenue collected from these operations amounted to $597,434. Given Vermont’s modest population, these numbers highlight a significant engagement in sports betting.
The hold percentage of 10.1% reflects a strong operational efficiency by the Vermont sportsbooks, capturing a substantial portion of the bets placed.
Kentucky’s Sports Betting Performance in May 2024
Kentucky, with a significantly larger population of 4,526,154, recorded a sports betting handle of $181,351,570 in May 2024. This led to an astonishing revenue figure of $180,912,539, translating to an unusually high hold percentage of 99.8%. Taxes collected stood at $2,985,051. Kentucky’s performance is extraordinary, though the hold percentage suggests an anomaly or a unique month of operations.
Typically, such a high retention rate would warrant further scrutiny. Adjusting for population, Kentucky’s figures underscore a highly active sports betting market.
Maine’s Sports Betting Performance in May 2024
Maine, with a population of 1,395,722, reported a sports betting handle of $39,649,761 in May 2024. The state’s revenue was $3,174,572, resulting in a hold percentage of 8.0%. Taxes collected from this revenue were $331,278. Maine’s performance, while solid, shows a more balanced market with a moderate hold percentage compared to Vermont and Kentucky.
This suggests a competitive betting environment with bettors achieving favorable success rates.
Comparative Analysis
Comparing the sports betting performance of Vermont, Kentucky, and Maine requires a look at population-adjusted metrics to get a true sense of engagement. Vermont’s population of 647,464 generated a handle of $9,847,757, translating to approximately $15.21 per capita in sports betting handle for May 2024. Revenue per capita in Vermont stood at about $1.54.
Kentucky, with its larger population of 4,526,154, produced a handle of $181,351,570, resulting in approximately $40.06 per capita in handle. The revenue per capita was a staggering $39.98, indicating a high level of engagement and profitability for the operators in May 2024, likely aided by the Kentucky Derby and the out-of-state demographic that it brings to the Bluegrass State.
Maine, with a population of 1,395,722, saw a handle of $39,649,761, equating to about $28.41 per capita. Revenue per capita was around $2.27. Maine’s numbers show higher engagement than Vermont but lower than Kentucky.
The Vermont sports betting performance in May 2024, when adjusted for its smaller population, shows strong engagement among its residents. Although the total handle and revenue figures are lower compared to Kentucky and Maine, the per capita analysis reveals a robust level of participation.
Vermont’s hold percentage of 10.1% suggests a healthy market where operators retain a fair share of wagers. Kentucky’s high figures indicate an outlier performance, while Maine presents a balanced market. Overall, Vermont demonstrates a thriving sports betting market, leveraging its small population base to generate significant revenue and tax contributions.
