Football’s return in August, albeit in the preseason, and the conclusion of the Olympic Games provided a much-needed boost to Vermont’s sports betting activity, ending a five-month streak of declining figures. According to the Department of Liquor and Lottery, the Green Mountain State saw an increase in wagers last month, reaching $11.3 million—a 19% rise from July’s figures.
However, this uptick in betting volume did not translate into higher revenue. While July’s gross revenue stood at $1.1 million, August’s total revenue decreased to $856,000.
The hold percentage, which represents the share of money kept by sportsbooks, fell sharply from 13% in July to 7.5% in August, reflecting the lower revenue despite increased wagering. The state’s tax revenue from sports betting for August amounted to $273,000.
The betting landscape in Vermont shows a shift in participant demographics. The number of local bettors grew by 7% in August, while the influx of out-of-state bettors surged by 23%.
Despite the increase in local participation, out-of-state bettors remained steady in their handle contributions. Local bettors’ average wager was $24, compared to $34 for out-of-state participants.
In terms of betting preferences, baseball retained its dominance, with $3.4 million wagered in August. The NFL and college football combined to bring in just under $1 million, a figure expected to rise as the season progresses. Additionally, the category encompassing other sports saw an increase, with $3.4 million in handle—almost double the amount from July, driven partly by the Olympics.
Original article: https://www.yogonet.com/international/noticias/2024/09/17/79010-vermont-sports-betting-sees-august-handle-surge-but-revenue-falls
