Vermont’s foray into online sports betting has been a huge success, with nearly $20 million wagered in the first three weeks after legalization on Jan. 11. The average bet placed was approximately $23, resulting in the state receiving about $1.1 million in revenue, exceeding initial projections.
Out-of-state players are contributing to the majority of sports wagering activity in Vermont, with almost 850,000 individual bets being placed during the three-week period, more than half of which were from out-of-state players. The legalization of online sports wagering in Vermont has attracted 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 for attracting enormous betting interest, making it difficult to predict the annual revenue for the state. Nonetheless, the strong numbers and increased revenue in the initial period indicate that Vermont’s foray into sports betting is off to a promising start.