Sports Betting In New Hampshire Suffers Continued Fall

New Hampshire’s sports betting market has suffered another decline in January, with both handle and gross gaming revenue falling year-on-year.

In January, player spending in New Hampshire’s sports betting market amounted to $73.3 million, a significant decline compared to the previous year. This figure represents a 24.6% decrease from the $97.2 million recorded in January 2023. It is also 7.0% lower than the $78.8 million reported in December 2023. These consecutive months of decline indicate a concerning trend for the state’s sports betting market.

Of the total player spending in January, $62.7 million was attributed to online sports betting, while $10.6 million was wagered at retail sportsbooks. This highlights the growing popularity of online platforms among bettors. However, the decline in overall player spending suggests that factors beyond the shift to online betting may be contributing to the market’s downturn.

While player spending experienced a decline, the gross gaming revenue in New Hampshire’s sports betting market showed mixed results. Revenue in January was down 20.3% from the record high of $12.3 million in January 2023. However, it was 27.3% higher than the $7.7 million recorded in December 2023. This fluctuation indicates a degree of volatility in the market.

DraftKings remains the exclusive operator in New Hampshire’s online sports betting market. This arrangement has been in place since November 2019 when DraftKings secured the rights. The continued dominance of DraftKings in the state raises questions about competition and its impact on the market’s performance. It will be interesting to see if any new operators enter the market in the future.

Tax revenue from sports betting in January amounted to $4.5 million. Online betting accounted for $4.0 million of this total, while retail sportsbooks contributed $427,987. These tax revenues are crucial for the state’s budget and can provide funding for various initiatives and public services. Monitoring the tax implications of the declining sports betting market is essential for policymakers in New Hampshire.

Looking at the year-to-date figures, New Hampshire’s sports betting market has witnessed a total player spending of $450.9 million in the seven months leading up to January. This includes $390.8 million in online bets and $60.1 million in retail wagers. The revenue for the same period reached $47.5 million, with online betting generating $42.4 million and retail betting contributing $5.1 million. Tax revenue from sports betting in this period amounted to $20.9 million, with $18.6 million coming from online activity and $2.3 million from retail operations.