The Vermont sports betting market recorded an adjusted gross revenue (AGR) of $1.6 million off a total handle of $24.4 million in December last year. According to the Department of Liquor and Lottery, those figures show the continuing upward trajectory for sports betting in the state.
American football was the top sport of the month regarding betting, having a handle of almost $9.7 million. Basketball, combining NBA and college games, took second with over $5.7 million tacked onto the total handle.
This success for the two sports dovetails with the wider national trend, where marquee seasons of the NFL and college football drive considerable betting interest. But Vermont bettors showed enthusiasm for a number of other sports as well, providing variety to the market’s appeal.
The December figures show sports betting is taking a foothold in Vermont entertainment. This also falls in line with the wider trend of sports betting expansion throughout the U.S., where established and emerging markets set record revenues.
The US sports betting market has grown significantly over the last couple of years, expanding from $0.9 billion in 2019 to a continued rise, which represents an average annual growth rate of 93.27%.
Through the year 2023, the amount rose to $10.9 billion as more states expanded access to online and retail sportsbooks. A record total of $119.8 billion was bet on sports by Americans in that year.
This trend continued into 2024, with the third quarter breaking another record on file. The GGR for Q3 nationally hit $3.24 billion, up 42.4% year-on-year compared to Q3 of the prior year.
The total handle from sports betting increased to $30.33 billion, as well. It added 28.8% year-over-year.
These improvements come alongside state expansions into new sports betting markets, such as Vermont, Kentucky, and Maine. In addition, they’re the result of enhancements in the online wagering platforms themselves that are attracting more users.
Vermont Ready to Climb
Being one of the newest states to legalize sports wagering, Vermont has aggressively produced a strong market. The state only introduced sports betting in the summer of 2024, but it is already producing admirable results.
Vermont is also supported by the rising popularity of mobile sports betting. At the end of 2024, 91% of Americans owned smartphones and tablets, making it easier to access online sportsbooks.
Despite the solid numbers, Vermont’s 2024 revenue puts the state near the bottom of all jurisdictions with legal sports betting. The total of $19.5 million, furnished by data from the Department of Liquor and Lottery, puts it just ahead of last-ranked South Dakota at $2.9 million.
Another reflection of the revenue trends of sport betting is the seasonality within the state. In particular, all the major NFL and college football games become the key driver of revenues, but the revenue dropped off when the seasons ended.
Sports betting additionally furthers the economic development of Vermont through tax revenue. On an 11% hold last year, sports betting contributed $11,293,656 to state and local governments.