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In January, New Hampshire sports betting experienced yet another setback, marked by a decline in both the total handle and the revenue generated from gaming activities. When analyzing the gross gaming revenue in the Granite State, the results were mixed. While there was a notable decline of 20.3% from the impressive peak of $12.3 million reached in Jan. 2023, the current figure still stands significantly higher, boasting a 27.3% increase over December’s earnings of $7.7 million. A substantial portion of January’s revenue, totaling $8.9 million, stemmed from online betting activities. An impressive $951,079 was generated through wagering at retail sportsbooks scattered across New Hampshire. DraftKings has maintained its stronghold as the sole player in New Hampshire’s online sports betting scene since Nov. 2019, when it first obtained exclusive rights. The ongoing reign of DraftKings in the state begs the question of how competition — or lack thereof — affects market dynamics. It remains to be seen whether any fresh contenders will emerge to challenge DraftKings’ dominance in the future, adding an intriguing dimension to the state’s sports betting landscape.
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NH Sports Betting Handle Witnessed a 24.6% Dip in January
January showed a significant decrease in player expenditure in New Hampshire’s sports betting market, with a total of $73.3 million spent. This indicates a huge 24.6% decrease from the previous year’s $97.2 million. Furthermore, it represents a 7.0% reduction from the Dec. 2023 total of $78.8 million. These repeated decreases point to a worrying trend in the state’s sports betting business. Online sports betting accounted for $62.7 million of total spending in January, while retail sportsbooks saw $10.6 million in wagers. This highlights gamblers’ rising preference for online platforms. Despite this move, the overall reduction in player spending implies that reasons other than the migration to online betting are contributing to the market’s downfall.
Online Sports Betting Remits Higher in Tax Revenue
Sports betting generated a healthy $4.5 million in tax income for the state in January. With $4 million, internet betting sites accounted for the majority of this total, while physical sportsbooks provided $427,987. The state’s financial stability is greatly enhanced by these tax revenues, which allow it to finance a wide range of programs and public services. Given that the sports betting market is so volatile, it is critical that New Hampshire lawmakers keep a close eye on the tax ramifications of its swings. Policymakers may successfully manage budgetary allocations and guarantee the ongoing viability of essential public programs and services by remaining aware of these trends. READ MORE:
