Vermont’s new online sports betting system took in just over $21.2 million in February.

Adjusted revenue dropped from $3.5 million in January to $2.3 million in February. Vermont’s online sports betting sites paid out $18.7 million in winnings to patrons on a 12% hold. January’s 22% hold earned a more lucrative month for the operators as they got rolling in one of the newest legal markets in the United States. 

The three sports betting companies licensed to operate in Vermont made a massive advertising push over the last month. But Knight says only 4% of bettors were new users.

In January, visitors from out of state accounted for more than half of all online bets in Vermont. But that number fell to just 24% for the Super Bowl.

More from Vermont Public: Vermont’s sports betting revenues surpass expectations, with help from out-of-state gamblers. It now expects to raise between $8 and $10 million in its first six months of operation.