Vermont Sports Betting Sees Strong Growth in November

November marked a significant turning point for Vermont’s sports betting industry, as the state recorded impressive growth in both handle and revenue. Sportsbooks generated a total handle of $18.4 million during the month, reflecting a 6.3% increase compared to October’s $17.3 million.

Revenue surged even more dramatically, climbing from $1.06 million in October to $2.06 million in November—an impressive 93.8% increase.

This growth followed a challenging October, where many states, including Vermont, faced bettor-friendly results that impacted sportsbook profits. In November, the industry rebounded with a significantly improved hold rate, which reached 11.2% compared to 6.1% in the previous month. The higher hold not only contributed to the revenue spike but also highlighted a recovery in betting outcomes favoring operators.

Revenue Boost Fuels Tax Growth

The surge in revenue was reflected in the state’s tax collections, which nearly doubled month-over-month. In November, Vermont collected $653,891 in sports betting taxes, representing a 92.7% increase from the $339,378 generated in October. This substantial growth signals the state’s growing reliance on the sports betting market as a revenue source and reflects its increasing popularity among bettors.

While football remained the most wagered-on sport in Vermont, its handle experienced a slight decline. In November, football bets totaled $6.2 million, down from $6.5 million in October. This dip was offset by a remarkable increase in basketball betting, which surged by nearly $3 million to reach a handle of $5 million. Basketball’s growing appeal among Vermont bettors underscores the sport’s potential to drive future growth, particularly during its active seasons.

Other sports contributed more modestly to the total handle. Tennis ranked third, with wagers just shy of $1 million, while soccer and table tennis rounded out the top five with $730,000 and $576,000 in bets, respectively. Despite these lower figures, the variety of sports attracting bettors highlights the diverse interests of Vermont’s wagering community.

A closer look at player engagement revealed a notable shift in activity between in-state and out-of-state s. Active s crossing into Vermont to place bets declined from 12,471 in October to over 10,800 in November. However, this drop was more than offset by an increase in in-state participation, with local s rising from 16,790 to 17,545. This growth in local engagement underscores the importance of Vermont’s resident bettors in sustaining the market.

Another key metric, the average bet size, also saw an uptick, climbing from $21 in October to $23 in November. This increase suggests that bettors were placing higher wagers overall, contributing to the rise in revenue.

In-State Bettors Lead the Market

Out of the $18.4 million total handle, $13.9 million came from in-state bettors, while those traveling into Vermont ed for $4.5 million. The dominance of in-state betting highlights the growing role of local residents in ing the industry, even as Vermont continues to attract cross-border wagering.

Vermont’s sports betting market is showing steady momentum, driven by increased local participation, rising bet sizes, and diversified sports interest. The November performance highlights the market’s resilience, even amid seasonal fluctuations in specific sports. With basketball showing strong growth and in-state bettors leading the charge, the state is well-positioned to capitalize on this momentum as the market matures.

Source:

DLL Sports Wagering Summary Report, November 2024 [pdf], State of Vermont, Department of Liquor and Lottery, December 2024.