Sports betting continues to grow in NH, but new competition is emerging

WELCOME BACK. IT WAS ANOTHER STRONG YEAR FOR SPORTS BETTING IN NEW HAMPSHIRE IN 2022. OVER $891 MILLION WAS WAGERED ON Draftkings Platform WEAPONS AND THE STATE RECEIVED $31 MILLION THAT CAN BE USED FOR STATE EDUCATION. BUT COULD THESE NUMBERS TAKE A HIT THIS YEAR? MASSACHUSETTS WEATHER MAKES UP 25% OF THE SPORTS BETTING BUSINESS IN NEW HAMPSHIRE, AND SPORTS BETTING WILL BE LEGAL IN THE BAY STATE NEXT TUESDAY. A QUARTER OF OUR GAME COMES FROM MASSACHUSETTS. AND SO WE WOULD EXPECT TO SEE SOME DROP-OFFS. BUT I WOULD NOT IMAGE THAT IT WILL MEAN A LOT. My consolation is that when New York started, people loved New York. WE GO TO NEW JERSEY. NEW JERSEY HAS NO DECLINE IN ITS REVENUES IN THREE YEARS. NOW $1.82 BILLION HAS BEEN BETTED

Sports betting continues to grow in New Hampshire, but new competition is emerging

Neighboring countries want to allow sports betting soon

It was another record year for sports betting in New Hampshire, but the state could see declines if it becomes legal in neighboring states. New Hampshire Lottery officials said that sports betting has been a huge hit in New Hampshire in the three years it has been legal. “It’s been a fun, exciting three years and it’s been done extremely, extremely well,” said Charlie McIntyre of the New Hampshire Lottery. In 2022, $892 million was deployed, up 27% from the previous year. Contribution to state education increased by $10 million. “We’re #2 per capita in the nation in terms of state profitability, which means we don’t have to do things like a state income tax,” McIntyre said. “Well, I’d give us a solid A-minus – always room for improvement. But you know, Goldstar.” Since sports betting began in New Hampshire, more than $1.8 billion has been wagered through the Draft Kings platforms, with New Hampshire receiving $62 million for state education, doubling expectations, officials said. Lottery officials said there was even an unexpected benefit for Granite State law enforcement. “I spoke to a number of our friends in law enforcement and they informed me that we have actually destroyed the illegal bookies and the illegal bookmaking business because we offer the same product and lines,” McIntyre said. “But we guarantee that our work has the benefit of being a government function so that consumer protection is as high as possible.” There may be a downward trend. New Hampshire was an island of sports betting, with people from nearby states gathering about the Border came to place bets. But legal sports betting in Massachusetts starts in six days and Maine could allow betting as early as this summer, meaning less of the New England market for Granite State. “A quarter of our game comes from Massachusetts,” McIntyre said, “And so we would expect it to come down, but I wouldn’t imagine that s it would be a lot. Certainly I take comfort in the fact that when New York started, people from Europe went to New York. New Jersey did not experience a drop in its revenue.”

It was another record year for sports betting in New Hampshire, but the state could see declines as it becomes legal in neighboring states.

New Hampshire Lottery officials said sports betting has been a huge hit in New Hampshire for the three years it’s been legal.

“It’s been a fun, exciting three years and it’s been done extremely, extremely well,” said Charlie McIntyre of the New Hampshire Lottery.

In 2022, $892 million was deployed, up 27% from the previous year. Contribution to state education increased by $10 million.

“We’re #2 per capita in the nation in terms of state profitability, which means we don’t have to do things like a state income tax,” McIntyre said. “Well, I’d give us a solid A-minus – always room for improvement. But you know, Goldstar.”

Since sports betting began in New Hampshire, more than $1.8 billion has been wagered through the Draft Kings platforms, with New Hampshire receiving $62 million for state education, doubling expectations, officials said.

Lottery officials said there was even an unexpected benefit for law enforcement in Granite State.

“I’ve spoken to a number of our law enforcement friends and they have told me that we have actually destroyed the illegal bookmakers and illegal bookmaking activity because we offer the same product and lines,” McIntyre said. “But we guarantee that what we do has the benefit of being a government function, so consumer protection is as high as possible.”

A downward trend may be emerging. New Hampshire was a sports betting island where people from nearby states would come across the border to place bets. But legal sports betting in Massachusetts starts in six days, and Maine could allow betting as early as this summer, meaning less of the New England market for the Granite State.

“A quarter of our game comes from Massachusetts,” McIntyre said. “And so we would expect there to be a drop, but I wouldn’t imagine it would be much. Certainly I take comfort in the fact that when New York started, people from Europe went to New York. New Jersey did not experience a drop in its revenue.”

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