Vermont’s Sports Betting Handle Drops Below $10 Million in July

Vermont’s sports betting market continues to face challenges, with the total handle in July falling below $10 million for the first time since its launch.

Continuous Decline Since Launch

Licensed operators in the state accepted just under $9.5 million in wagers, according to the Vermont Department of Liquor and Lottery (DLL).

The decline follows a downward trend that began earlier this year, exacerbated by the lack of NFL, college football, and NBA action during the summer months.

Since Vermont launched legal sports betting in January 2024, the state has struggled to maintain its initial momentum. January saw the highest handle, but the subsequent months have consistently underperformed.

July’s handle represents a 52% drop compared to January, continuing a five-month streak where each month produced a lower handle than the one before. May, for instance, saw a $12.6 million handle, down 26% from April’s total.

Revenue Increase Despite Handle Drop

Despite the declining handle, Vermont’s sports betting operators reported a slight increase in revenue for July. Due to a 13% hold—higher than June’s 9.2%—operators collected $1.1 million in adjusted revenue for the month. The state earned approximately $366,000 in taxes from July’s betting activity.

Interestingly, out-of-state bettors contributed a significant portion of Vermont’s betting activity in July. Though the number of out-of-state bettors dropped from 9,000 in June to 5,000 in July, these users placed $3.5 million in wagers, up from $2.5 million the previous month.