But trends are bound to break and find anomalies eventually, and the state of Vermont recently provided one. After launching sports betting within its borders earlier this year, sportsbooks in Vermont saw their handle drop in March from February, a highly unusual event for the sports betting industry with March Madness a huge draw for bettors.
Vermont sports betting handle takes six percent fall in March
Operators in the new territory of Vermont saw the handle dip six percent from February 2024 to March 2024, with sportsbooks recording $19.9 million handed. Sports betting in Vermont only went live on January 11, 2024, so a dip this early on in the process normally wouldn’t be cause for concern. However, March has reliably proven to be one of the most profitable months for sportsbooks in America.
March Madness is a cultural giant in terms of impact and draw to the United States, its potential for chaos and heartbreak is an undeniable magnet for sports fans and bettors across the nation, so Vermont seeing a fall in handle does raise some alarms, especially with the women’s tournament becoming such a colossal event as well.
There are some plausible explanations for this. As sports betting was legalized in January, many users likely took advantage and jumped on the sign-up bonuses that the operators were offering to potential patrons. Sports betting in Vermont got off to an especially fast start, as their sportsbooks outperformed expectations in the state’s first three weeks with legalized gambling.
March dip in Vermont handle is no cause for concern
In the first three weeks of sports betting in Vermont, citizens wagered over $20 million, leading to over $1 million in tax revenue for the state. Since bettors rushed out of the gates, it’s possible that the growth may just be naturally slowing down after an unexpectedly quick start.
There’s also a chance that the state played it too close. Bettors in Vermont only had two months before the March Madness tip-off to sign up, and many potential players may not have even realized that the option was there.
The most likely reason, though, is due to Vermont’s tourism. According to Vermont Public, over 53 percent of the accounts that signed up in the first three weeks of legalized sports betting were from residents of other states. Since then, many of those users had to return home, taking their wagers and their business with them.
Vermont may have seen an unprecedented dip this March, but it’s highly unlikely that sports betting will fail in the state. By next year, Vermont’s sportsbooks, currently limited to just three major operators in DraftKings, FanDuel, and Fanatics, will surely see the jump in March that’s become a constant in the United States sports betting arena.
