The Vermont Department of Liquor and Lottery reported a combined sports betting handle of $41.2 million for January and February as the Green Mountain State published its first monthly revenue reports since going live Jan. 11.
The third state to rely exclusively on sports betting apps for wagering along with Tennessee and Wyoming, Vermont opened with three operators taking bets — FanDuel, DraftKings, and Fanatics Sportsbook. The state agency did not disclose individual handle and revenue figures for the trio, but it appears they got off to a fast start as gross 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
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.