The summer drought of sports action is coming to an end and that cannot come fast enough for operators in Vermont. Right now, the state is in an unfortunate streak, handle-wise.
Vermont’s Department of Liquor and Lottery announced that the Green Mountain State took in just under $9.5 million in bets last month. This is the first time state-wide handle fell below $10 million and continues a streak of falling action.
After January’s launch, only February saw an uptick in wagers. Since then, the past five months have seen lower handle than the previous one. July’s handle is 52% lower than January, but the good news is that football season is nearly upon us, and these numbers are expected to rise.
Another bit of good news, for the sportsbooks, is that despite the month-over-month drop in action, revenue actually increased slightly. Thanks to a 13% hold, versus June’s 9.2%, the operators grossed $1.1 million in July. The tax bill came to around $366,000.
Out of state bettors bring the action
In June, out-of-state bettors - of which there were 9,000 - combined for $2.5 million in handle. In July, the number of bettors dropped to roughly 5,000, but those active users made $3.5 million in wagers last month. That means non-Vermonters contributed 36% of the total handle.
In February, for comparison, when Vermont sports betting hit its all-time high, out-of-staters made up just over 31% of the action.
Tennis behind only baseball in Vermont
The NBA season is now over. Vermonters, like most Americans, looked to baseball when placing a bet. But it also looks like tennis is solidifying itself as a top option as well.
| Sport | July Handle |
|---|---|
| Baseball | $3.1 million |
| Tennis | $2 million |
| Soccer | $1 million |
| Basketball | $948,000 |
| Table Tennis | $539,000 |
| Other | $1.8 million |
