Vermont’s Inaugural Sports Betting Hits $20M

In its debut month, Vermont’s regulated online sports betting landscape witnessed a remarkable start, with the handle nearing the $20 million mark. Launched on January 11, the state’s venture into mobile sports wagering, facilitated by operators DraftKings, FanDuel, and Fanatics Sportsbook, has quickly gained momentum, generating approximately $1.1 million in revenue.

Despite being one of the smallest states in the US, Vermont’s entry into the sports betting market has exceeded expectations, particularly with significant participation from out-of-state bettors. According to the Vermont Department of Liquor and Lottery (DLL), the count of out-of-state participants reached 35,583, surpassing the in-state bettor figure of 31,275. This influx of external wagering activity is intriguing, given that neighboring states such as New York, Massachusetts, and New Hampshire also offer online sports betting, albeit with varying degrees of market competition.

DLL Commissioner Wendy Knight highlighted the substantial role of non-Vermonters in the state’s sports betting success, a trend that has sparked curiosity about future engagement levels. Vermont’s inclusive approach, allowing three sportsbook operators as opposed to New Hampshire’s exclusive partnership with DraftKings, may have contributed to this initial surge.

As Vermont awaits its February revenue figures, industry observers anticipate a continued upward trajectory in betting activity. The full month of operation in February, coupled with growing app downloads and user registrations, is expected to bolster the handle significantly. The onset of the NCAA Tournament in March, particularly if Vermont’s Catamounts men’s and women’s basketball teams qualify for March Madness, could further amplify betting volumes.

The regulatory framework in Vermont permits wagering on in-state college teams during out-of-state tournaments, presenting an opportunity for a notable increase in betting activity during high-profile events like March Madness. With the Catamounts’ men’s team leading its division and potential participation in the tournament, Vermont’s sports betting market is poised for an exciting growth phase.

This successful launch underscores Vermont’s potential within the burgeoning US sports betting industry, highlighting the state’s strategic approach to engaging both local and out-of-state bettors. As Vermont continues to navigate its nascent sports betting environment, the blend of local enthusiasm and external interest sets a promising stage for the state’s future in this competitive sector.

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Martin Vatev's exploration into the world of words began not amid the pages of fictional tales but within the bustling, pragmatic environments of newsrooms and media outlets. As a student of Journalism at the Technical University of Dortmund, Martin was swiftly plunged into the ecosystems of stories that were urgent, real, and imperatively bound to the world's happenings. By taking part in different local media, his days were enveloped in uncovering facts, ensuring objectivity, and rendering narratives that adhered strictly to the pulses of reality.