The state of Vermont has seen a strong start to its online sports betting industry since it became legal on January 11. In the first three weeks of operation, nearly $20 million was wagered, with an average bet of around $23. This resulted in the state receiving approximately $1.1 million in revenue, which was higher than projections had anticipated.
Liquor and Lottery Commissioner Wendy Knight notes that the majority of sports wagering activity in Vermont came from out-of-state players, with almost 850,000 individual bets being placed during the three-week period. More than half of these bets were from out-of-state players who had previously engaged in sports betting in other states and are now able to do so online in Vermont.
It is difficult to predict the annual revenue the state will receive from sports betting, as the reporting period coincided with the NFL playoffs, which are known to attract a significant amount of betting interest. With out-of-state players contributing to the strong numbers seen in Vermont, the future of online sports betting in the state looks promising.