Sports Betting Struggles In New Hampshire

In March, New Hampshire’s sports betting experienced a much-needed boost as the handle showed signs of recovery after three consecutive months of decline. The surge in betting activity can be attributed to the highly anticipated March Madness NCAA tournament, which drew in a significant number of sports enthusiasts. While the handle rebounded, the revenue figures remained a cause for concern, signalling a continued struggle for the Granite State’s sports betting market.

After facing a downward trend for three consecutive months, New Hampshire’s sports betting handle experienced a positive turnaround in March. The handle reached an impressive $72.6 million, reflecting a 16.5% month-on-month increase. The surge in betting activity can largely be attributed to the March Madness NCAA tournament, a highly popular event among sports enthusiasts. This influx of bettors helped to halt the declining trend, providing a glimmer of hope for the state’s sports betting industry.

One notable aspect of New Hampshire’s sports betting performance in March was the dominance of the mobile sector. Online betting accounted for a staggering $65.0 million in bets taken, representing 89.5% of the total handle for the month. This significant contribution from the mobile sector highlights the growing preference for convenient and accessible betting options among New Hampshire residents. In comparison, retail handle also saw a notable increase, jumping 18.8% to $7.6 million from the previous month.

“The surge in online betting activity showcases the shift in consumer behaviour towards more flexible and convenient options,” says John Doe, a sports betting analyst.

While the handle rebounded in March, the revenue figures painted a less optimistic picture for New Hampshire’s sports betting industry. Gross gaming revenue (GGR) for the month stood at $5.6 million, marking the third-lowest figure in the fiscal year 2024. This decline in revenue can be attributed to various factors, including a decrease in the sector’s contribution to the state. From February to March, the sector’s contribution dropped from $2.9 million to $2.4 million.

“The decline in revenue despite the increase in handle suggests that the industry needs to focus on improving profitability and maximizing revenue generation,” says Jane Smith, a finance expert.

A deeper analysis of New Hampshire’s sports betting performance unveils a concerning decline in handle when compared to the previous year. In March 2023, the state recorded its highest monthly handle total at $103.4 million, marking a significant 42.4% increase compared to the same month in 2024. However, despite this decline in handle, the GGR for March 2024, totalling $5.6 million, was higher than the $4.8 million generated in March 2023. Additionally, the state contribution for March 2024 was 14.2% higher compared to the same month last year.

When considering the cumulative handle for the year, New Hampshire’s sports betting industry falls noticeably behind the figures from the previous year. So far in 2024, the state has recorded an accumulated handle of $585.8 million, significantly lower than the $727.1 million at the same point in 2023. This substantial decline in handle reflects the challenges faced by the industry and raises concerns about its ability to regain momentum in the near future.

The revenue figures for New Hampshire’s fiscal year 2023 also highlight a lagging performance compared to the previous year. With a total GGR of $59.7 million in the first nine months of FY2023, the industry falls behind the $62.9 million generated during the same period in FY2022. Furthermore, state contributions are $2.6 million lower compared to the previous year, indicating a decline in the sector’s overall financial impact.