The going live Jan. 11.
The third state to rely exclusively on sports betting revenue totaled $6.8 million, which resulted in an eye-popping 16.4% hold for the two months.
Adjusted gross revenue following deductions for the federal excise tax, voided wagers, and promotional bonuses and credits was $5.9 million, and the state received $1.9 million in tax revenue.
January breakdown 565w3q
The three operators had a smashing debut for the three weeks of betting in January, combining for a 21.2% win rate on $19.9 million to claim $4.2 million in gross winnings before deductions. The taxable amount was $3.6 million, which led to $1.1 million in tax revenue.
Football edged out basketball as the biggest sport for handle as the $7.5 million in wagers for NFL and college football action was $58,000 more than pro and college basketball. Tennis and hockey also generated seven-figure action at $1.2 million and $1.1 million, respectively, while the catch-all “other” category — which includes golf, auto racing, boxing, and mixed martial arts, and out-of-season baseball — ed for $2.2 million.
There was substantial action coming from out-of-state bettors, who crossed into Vermont and generated $7.1 million worth of wagers. Also interesting of note is that out-of-state bettors had an average wager amount of $37.29 compared to $17.92 for Vermont residents. The ratio of wagers by Vermont residents versus out-of-state ones was 3.8-to-1.
February breakdown 46286h
Hoops wagering ed for 45% of the $21.2 million handle for February, with $9.5 million worth of action dedicated to pro and college basketball. The “others” category saw a notable jump from January to $5.5 million, while tennis was second among sport-specific wagering with $2.3 million.
Gross revenue dipped to $2.5 million, though that provided a still-healthy 12% hold. There were fewer deductions in February as the state was eligible to tax $2.3 million in adjusted gross revenue, which resulted in an inflow of $732,000 into state coffers.
The Department of Liquor and Lottery did not disclose Super Bowl-specific wagering, but it did note that the football handle for February was $1.8 million. The three sportsbooks finished 8,784 wagers shy of 1 million for the month, with the overall average wager of $21.44 down slightly from the $21.98 attained in January.
Out-of-state handle dipped to $6.7 million, which ed for 31.7% of all action. Vermont residents placed $14.5 million worth of wagers, which was a 13.2% increase from January, and their average wager of $18.22 was up 30 cents.
