The sports betting handle reports continue to be released in America, as Vermont suffers a decrease in March – dropping by 40% despite recently legalizing mobile betting.
Vermont Suffers Sports Betting Handle Decrease During March
Revenue and tax collections also dropped during March and this comes in only the second month of legalized wagering in the state.
The decrease was clear in Vermont, as revenue dropped by 40% at $1.4 million and tax collections fell by $441,030 – which is also a 40% drop.
Vermont’s sports betting handle also saw a decrease in March, but was not as drastic after decreasing by 5% to $20.2m.
Mobile sports betting was finally legalized in January and this saw an increase during the opening month of legalized betting (February) reaching $21.2m from $19.9m.
Surprisingly, revenue from sports betting did not follow a similar path and dropped during February even with the host of sporting events and higher amount of days in the month.
Vermont is a sports-loving state, and basketball appears to be the leading market for bets – taking in $11.7m worth of wagers.
The drop during March may not have been expected by those within the state, given the March Madness tournament and list of worldwide sporting events.
The reports from Vermont Department of Liquor and Lottery revealed a host of information and $20.2m came through the handle, $14.2m was made via players within the state and $5.9m came through people who were in Vermont at the time of wagering.
Before opening in Vermont, sports betting was said to take in $7m worth of profit to the state per year and the selected operators have paid £1.9m so far.
DraftKings, FanDuel and Fanatics Sportsbook are active within the state of Vermont and in the first month of legalized mobile bets, the three sites have paid $731,974 in tax – from a revenue of $2.3m.