Supporters Bet on Online Casino Games, Expanded Wagers to Grow Nh’s Gambling Scene
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Supporters Bet on Online Casino Games, Expanded Wagers to Grow Nh’s Gambling Scene

Supporters Bet on Online Casino Games, Expanded Wagers to Grow Nh’s Gambling Scene

Punters in New Hampshire simply cannot get enough for legal sports betting. Since sports betting was legalized in 2019, the sector has netted the Granite State more than $30 million in tax revenue. Owing to the success of online sports betting, lawmakers in the state now want to allow more forms of wagering.

Just recently, State representative Tim Lang filed a new proposal to expand the number of brick-and-mortar casinos allowed to accept sports bets and in-game betting. Lang was the initial main sponsor of the legislation that saw sports betting in the state legalized almost 4 years ago.

As per the gaming laws in New Hampshire, live betting, where punters can wager on outcomes as the game is unfolding, is allowed online. However, live betting isn’t permitted at the 2 retail sports wagering locations situated in Seabrook and Manchester.

If legalized, this proposal would effectively open up the market and offer gamblers in the state more variety than ever before. SB104, which is the 10-page long online gambling bill, is still in its early stages and doesn’t explain which tax rate operators should anticipate, the cost of license fees and renewals, or how many operators will be allowed to join the market.

According to Bill SB 104, the proceeds from online casino games such as poker and blackjack will be directed to a community college scholarship fund. The bill also proposed that legal online gaming take effort as early as January 2024. A legal iGaming market will go a long way in keeping all gambling activities within the state. 

Because New Hampshire lacks any sort of online casino gaming options like other thriving states do, casino gaming fans from the state are only left with 2 choices- drive across a neighboring state like New England or take their pick from the hundreds of online casinos situated all over the world. If New Hampshire intends to keep these tax dollars within its borders, then it must legalize iGaming with haste.

New Hampshire sports betting’s performance has been exemplary

Sports betting was legalized in New Hampshire in 2019. The sports betting law in the state, signed by Governor Chris Sununu, legalized wagering on professional sports, as well as the majority of Division 1 college sports with the exception of games that involve schools from the state.

Since it was made legal, the sports betting market in the state has grown from strength to strength. According to the New Hampshire Lottery Commission, which oversees sports betting in the state, the state recorded a year-on-year increase in gross gaming revenue in December 2022.

Gamblers in New Hampshire gambled approximately $90.9 million worth of sports wagers in December 2022, which was an increase of more than 5% compared to December 2021. Of the $90 million that was wagered on sports, close to $66 million was spent betting via the DraftKings mobile sportsbook while close to $25 million was wagered on Draftkings’ 3 retail sportsbooks in the state.

Several states including New Hampshire and Vermont only have a single online sports betting provider. DraftKings has an exclusive partnership deal with the state lottery that allows it to operate the only mobile sportsbooks in the state. Under this exclusive contract, DraftKings gives the state 50% of the revenue generated. 

Mobile sports betting was responsible for at least $8 million of the combined gross gaming revenue in the state with retail sportsbooks contributing approximately $389,635. The tax that was generated from sports betting in December amounted to $3.8 million. As you can anticipate, mobile sports gambling was responsible for the largest chunk of the tax generated.

Based on reports from the New Hampshire Lottery Commission, mobile betting in the state generated taxes worth $3.7 million. The remaining $126,927 was generated from brick-and-mortar sportsbooks in the state. For the last 5 months of December 2022, gamblers in New Hampshire had placed bets worth $439 million.

It should be noted that 50% of all the profits generated from sports wagering are invested directly in education. The launch of sports betting in the state has not only helped the state economically, but has also broadened the appeal of the lottery market in the state. 

This year, the sports betting market in New Hampshire has already kicked off on a high note. As the Super Bowl fast approaches, the number of punters placing bets has also surged. The New Hampshire Lottery Commission estimates that 1 in 5 punters in the country will place some form of wager, which means that the market could generate as much as $16 billion or twice as much revenue in 2022.

According to the American Gaming Association, more than 50 million adults in the country are expected to wager on the national championship game between the Kansas City Chiefs and the Philadelphia Eagles. Of course, the new retail sports betting market in Massachusetts might impact this year’s GGR.

For years, the Granite State has been benefitting from neighboring Massachusetts as gambling fans would cross the border into New Hampshire to place bets on their favourite teams. However, with the looming debut of the Massachusetts online sports betting market, officials in New Hampshire are gearing up for a downtick in betting activity this year.

New Hampshire debuting sports betting first allowed its market to claim a lot of gambling activity from bordering states. A quarter of all of New Hampshire’s play is generated from Massachusetts. To cater to the dip in activity, the New Hampshire Lottery Commission will have to work harder to keep punters in the state, as well as across the border happy and satisfied.

Final Thoughts

Since it was launched 3 years ago, sports betting in the country has grown from strength to strength. Based on reports from the New Hampshire Lottery, operators in the state have successfully contributed close to $62 million to the education fund.

Massachusetts is expected to debut its retail sports betting market any day now with online sports betting expected to launch in March 2023. As a result, New Hampshire may have experienced its last year of record-breaking betting handles and revenue.

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