Vermont Sports Betting Declines Further In April

Vermont has suffered a low as the state’s sports betting handle fell below the $20 million mark in April , marking the lowest figure since the launch. The Department of Liquor and Lottery (DLL) reported a 15% decline in the handle, with the state collecting $17 million in wagers, down from the previous month’s $20 million.

Despite the drop in the sports betting handle, Vermont’s sportsbook operators experienced a boost in revenue. The licensed operators managed to retain a larger percentage of the bets they accepted, with the hold rate jumping from 7.5% in March to 10.6% in April. This increase in the hold rate translated into a combined adjusted revenue of $1.6 million for the sportsbooks, up from the initial $1.3 million in March.

Alongside the revenue increase, the state also saw a 20% rise in taxes, with the DLL reporting a total of $532,000 in tax collections for the month of April.

While the overall handle declined, the average wager size increased, rising from $20.35 in March to $23.15 in April. This suggests that while Vermonters may have been placing fewer bets, they were investing more per wager.

The sports betting landscape in Vermont has always been dominated by football, but in the spring months, the focus shifts to basketball and baseball. The Boston Celtics’ ongoing success in the NBA Finals has captivated the attention of New England sports enthusiasts, while the Boston Red Sox, despite their middling performance, continue to draw the interest of bettors.

Amidst the overall decline, one sport managed to buck the trend – tennis. The handle for tennis bets increased from $1.5 million in March to $1.7 million in April, highlighting the diverse interests of Vermont’s sports betting community.