It may have just been the preseason, but football returned in August and bettors were happy to wake up from their summer slumber. Pair that with the second half of the Olympic games and Vermont finally broke its streak of five straight months of declining action.
Vermont’s Department of Liquor and Lottery reported that the Green Mountain State accepted $11.3 million in wagers last month, a 19% month-over-month increase.
Unfortunately, while handle increased in August, revenue did not follow suit. While July brought $1.1 million in gross revenue, the tally in August came to $856,000. The hold percentage fell nearly in half from 13% to 7.5%.
The tax bill came in at $273,000.
Who is betting in Vermont
While most bets placed in the Green Mountain State are from the locals, a large amount of action is taken from out-of-state bettors. Vermont reported a 7% jump in local bettors and a massive 23% increase from non-Vermonters.
But when it came to handle, the trend was reversed. The Vermont sports betting money wagered by local bettors jumped 32% while out-of-staters stayed the same month over month.
The out-of-state bettors averaged $34 per wager while the locals reported nearly $24.
Baseball still king despite NFL preseason
Football may be on TV, but the quantity of baseball games and importance of regular season ranks ahead of the preseason. NFL and college football brought in just under $1 million, a number that will certainly rise as the year progresses.
One category saw a large increase, other sports combined for $3.4 million, nearly double July’s $1.8 million. Certainly the Olympics influenced this category as August’s handle hit a four-month high.
| Sport | July Handle |
|---|---|
| Baseball | $3.4 million |
| Tennis | $2.3 million |
| Football | $958,000 |
| Table Tennis | $620,000 |
| Soccer | $564,000 |
| Other | $3.4 million |
