Vermont’s sports betting revenue tops $41 million

Finance News

The Vermont Department of Liquor and Lottery reported a combined sports betting handle of $41.2 million for January and February as the Green Mountain State published its first monthly revenue reports since going live Jan. 11.

Liquor and Lottery Commissioner Wendy Knight says that during the first three weeks of operation after sports betting became legal on Jan. 11, almost $20 million was wagered. The average bet was roughly $23.

Knight says the state received approximately $1.1 million in revenue per week, which is considerably more than projections.

“There is far more revenue earned and far more gaming than I had expected,” she says. “We’re also seeing the majority of the sports wagering activity that’s taking place in Vermont is from out-of-state players.”

During that three-week period, people placed almost 850,000 individual bets in Vermont — and more than half them were from out of state.

“Out-of-state players have been playing in other states legally, and now they can engage in online sports wagering in Vermont, and they’re doing so,” Knight says. “That’s also contributing to the strong numbers that we are seeing.”