Sports betting revenue in Vermont experienced a significant drop of 25.6 per cent in August, falling to $856,707 from the previous month’s $1.2 million. According to the Vermont Department of Liquor and Lottery, revenue from mobile wagering also decreased by 62.8 per cent since February, the first month of regulation. The total bets in August amounted to $11.3 million, a 19.5 per cent increase from July, although it was a 46.7 per cent decline from February’s $21.2 million.
State taxes from sports betting also saw a decrease, with the share being $273,126 in August compared to July’s $366,664 and February’s $731,874. Baseball saw the highest betting activity in August, with $3.5 million in wagers. In-state bets accounted for $7.8 million of the total handle, while $3.5 million came from individuals crossing the border into Vermont to place bets.
The decline in sports betting revenue and activity in Vermont highlights the challenges faced by the industry in the state. Despite an increase in handle from July, the overall bets in August were lower than in previous months. The impact of the decrease in revenue on the state’s tax income is also a concern. As the industry continues to evolve and adapt to regulations, stakeholders will need to find ways to attract bettors and increase revenue to ensure the success of sports betting in Vermont.
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