Vermont’s online sports betting market has seen tremendous growth in the first three weeks since its legalization on January 11, with nearly $20 million wagered. This is significantly higher than initial projections, with an average bet of approximately $23 resulting in about $1.1 million in revenue for the state.
Wendy Knight, Liquor and Lottery Commissioner, notes that out-of-state players are contributing to the majority of sports wagering activity in Vermont, with over 850,000 individual bets being placed during the three-week period. Almost half of these bets were from out-of-state players who previously engaged in sports betting in other states.
The timing of this reporting period coincided with the NFL playoffs, which are known to attract enormous betting interest. However, it is difficult to predict the annual revenue for the state based on these numbers alone due to the unpredictability of such events. Nonetheless, the strong performance and increased revenue in the initial period indicate that Vermont’s entry into sports betting is off to a promising start.