April Revenue Insights
MONTPELIER, VT, July 17, 2025 - After a strong start to the year, Vermont’s online sports betting market saw a notable dip in April, with total handle dropping to $16.2 million, down 29% from January’s $23.9 million opening.
Vermont's sports betting market, regulated by the Department of Liquor and Lottery, is still in its early stages, with 2024 marking its first full year of activity. The state currently permits three licensed operators: DraftKings, Fanatics Sportsbook, and FanDuel, all functioning exclusively online.
April Cooldown
Handle in April 2025 dipped to $16.2 million, the lowest monthly total since the market launched. While this decline may reflect seasonal fluctuations following the end of major sports betting events like March Madness, it also shows how newer markets can quickly normalize after a launch surge.
Gross Gaming Revenue in April totaled $1.51 million, with a hold of 9.31%, slightly below the year-to-date average of 8.9%. The state collected $482,245 in tax revenue from that total, in line with Vermont’s 20% tax rate on operator revenue.
📊 YTD vs. Full-Year Projections
| Metric | Jan–Apr 2025 | 2024 (actual) |
|---|---|---|
| Handle | $84.6M | $523.0M |
| GGR | $8.51M | $55.4M |
| Hold % | 10.06% | 10.68% |
| Tax Revenue | $2.39M | $5.54M |
If the current GGR pace continues, Vermont would nearly double its tax revenue year-over-year, climbing from $5.5 million in 2024 to more than $13 million in 2025.
What’s Next?
With no plans to expand beyond the current three sportsbooks, Vermont’s next phase will be shaped by market maturity, bettor retention, and seasonal event cycles. April’s dip may prove to be a natural correction rather than a concerning trend, particularly if summer betting activity stabilizes.
The Department of Liquor and Lottery is expected to issue an update in Q3 on long-term regulatory goals and retention metrics for operators. For now, Vermont’s small but efficiently taxed online betting market appears well-positioned for sustainable growth in 2025.
