New Hampshire’s sports betting market has seen a notable decrease in player spending. January figures reveal a significant drop, marking the state’s second successive month witnessing a decline in betting handle. With $73.3 million spent by bettors, the stats fell short by 24.6% compared to January of the previous year’s $97.2 million and also dipped 7.0% below December’s $78.8 million.
The breakdown of January’s betting expenditure showed a predominant preference for online platforms, with $62.7 million allocated to digital sports betting avenues. Meanwhile, retail sportsbooks attracted a sum of $10.6 million, highlighting the ongoing trend towards online betting.
A Closer Look at Revenue Dynamics
The gross gaming revenue within New Hampshire presented a mixed bag. Although there was a downturn of 20.3% from the previous January’s record of $12.3 million, it did manage a rebound with a 27.3% increase from December’s $7.7 million, totaling $8.9 million. Of this revenue, the lion’s share stemmed from online betting, contributing $8.9 million, while retail sportsbooks generated $951,079.
DraftKings, maintaining its exclusive stance in the online sports betting landscape of New Hampshire since November 2019, continues to dominate the market. This exclusive partnership has positioned DraftKings as the central figure in the state’s sports betting scene.
Tax Contributions Reflect Betting Trends
The tax contributions from January’s sports betting activities amounted to $4.5 million, with online bets accounting for $4.0 million of this total and retail betting contributing $427,987. These figures underscore the significant role that online betting plays in the state’s sports betting ecosystem.
Year-to-Date Figures Offer a Broader Perspective
Despite the recent downturn, the year-to-date figures up to the end of January paint a broader picture of the sports betting scene in New Hampshire. Over the past seven months, the total handle from sports betting reached $450.9 million. This impressive sum includes $390.8 million from online wagers through DraftKings and $60.1 million from retail betting activities.
The cumulative revenue for the same period stood at $47.5 million, with online wagering bringing in $42.4 million and retail betting adding $5.1 million to the coffers. This resulted in a total tax collection of $20.9 million from sports betting, with the online segment contributing $18.6 million and retail betting yielding $2.3 million.
Implications and Outlook
The recent figures from New Hampshire’s sports betting market signal a need for stakeholders to reassess and adapt to the evolving preferences of bettors. While the shift towards online betting continues to be evident, the overall decline in spending and revenue calls for innovative strategies to reinvigorate the market. As the state navigates through these changing tides, the performance of exclusive operators like DraftKings will be critical in shaping the future trajectory of sports betting in New Hampshire.
Garry Sputnim is a seasoned journalist and storyteller with over a decade of experience in the trenches of global news. With a keen eye for uncovering stories that resonate, Alex has reported from over 30 countries, bringing light to untold narratives and the human faces behind the headlines. Specializing in investigative journalism, Garry has a knack for technology and social justice issues, weaving compelling narratives that bridge tech and humanity. Outside the newsroom, Garry is an avid rock climber and podcast host, exploring stories of resilience and innovation.