Vermont is new to the betting space, launching in January, so their numbers can divert from the trends of other legal states. March appears to be one of those examples. The NCAA tournaments usually bring an influx of action compared to February, but that wasn’t the case here, even though the University of Vermont played.
Vermont’s Department of Liquor and Lottery (DLL) announced the state accepted $20.1 million in wagers, slightly down from February’s $21.2 million. And it wasn’t just handle. Revenue also came in lower with sportsbooks seeing a combined $1.3 million in gross revenue versus $2.3 million the previous month, a 43% monthly decline.
That means the Vermont sports betting tax bill came to $441,000 as the hold percentage fell to 7.5%, while February’s hold was a more house friendly 11.8%. This, despite the fact that the University of Vermont lost and failed to cover in their round 1 game against Duke, usually a good outcome for the operators. It certainly didn’t help that the sportsbook deductions, which includes promotional spend fell in March.
Basketball dominated statewide action
The NCAA tournaments may not have saved the state’s handle, but it was the main reason Vermonters logged into the sportsbooks. While regulators combined NCAA and NBA bets, basketball in general took in nearly eight times more action than tennis, the second most popular sport.
| Sport | March Handle |
|---|---|
| Basketball | $11.6 million |
| Tennis | $1.5 million |
| Hockey | $1.1 million |
| Soccer | $796,000 |
| Baseball | $260,000 |
| Other | $4.7 million |
