Vermont's recent foray into online sports betting made a splash during its inaugural Super Bowl, raking in an impressive $2 million in bets for the highly anticipated Big Game.
Wendy Knight, the Liquor and Lottery Commissioner, shared that around 35,000 individuals enthusiastically placed an average of four bets each on the game, with the typical wager amounting to a reasonable $15.
The enthusiasm was notably homegrown, as three-fourths of all bets originated from Vermont residents, while the remaining quarter was contributed by out-of-state players.
Despite a fervent advertising blitz by Vermont's trio of licensed sports betting companies in the lead-up to the significant game, a mere 4% of bettors turned out to be first-time users. Knight offered her perspective, stating, "I believe what we're witnessing now is a lot of built-up demand, and there aren't many brand-new users actively participating. However, that's likely to change soon."
A fascinating shift was observed in the demographics of Super Bowl betting compared to the platform's early weeks. In January, online bets in Vermont were predominantly driven by out-of-state visitors, constituting over half of all wagers. However, for the Super Bowl, this figure dropped considerably to just 24%, highlighting the strong local engagement during the major sporting event.
Knight expressed curiosity about monitoring the continued involvement of out-of-state players in Vermont's online sports betting. She proposed that many out-of-state bettors likely opted to stay home during the Super Bowl weekend, suggesting a potential resurgence in their participation in the future.
Bolstered by the positive response to online sports betting, Vermont has revised its revenue projections. The state is now optimistic about generating between $8 and $10 million in the platform's initial six months of operation, showcasing the promising financial outlook and widespread interest in this burgeoning form of entertainment.