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Vermont sports betting operators saw a continued decline in handle for the month of July, as the lack of NFL, college football, and NBA action continued to impact the state. Licensed operators accepted just under $9.5 million in bets last month, marking the first time the state-wide handle fell below $10 million. Despite a lower handle, revenue slightly increased due to a 13% hold, resulting in operators collecting $1.1 million in July.
Out-of-state bettors contributed significantly to the action, making up 36% of the total handle in July. This is a slight decrease from the previous month, but still a significant portion of the overall wagers. With football season on the horizon, it is expected that these numbers will increase.
Baseball and tennis were the most bet-on sports in Vermont last month, as operators were forced to rely on these sports during the slower months for NFL and NBA action. The state currently only has three online sportsbooks available: Fanatics, FanDuel, and DraftKings, under HB 127 which allows for between two to six licenses to be issued.
Overall, the Vermont sports betting market continues to face challenges in attracting bettors, but with the upcoming football season, there is hope for a turnaround. For now, operators are focusing on maximizing revenue from other sports to make up for the lack of major leagues in play.
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Photo credit www.sportscasting.com