March in New Hampshire saw a resurgence in sports betting activity, with a notable 16.5% increase in the monthly betting handle compared to the previous month. This upswing was likely bolstered by the exhilaration surrounding the NCAA March Madness basketball tournament, an event known to attract significant betting interest nationally.
In a striking contrast, New Hampshire had been experiencing a worrying trend with its betting handle decreasing for three consecutive months, including the period of the Super Bowl in early February—a time traditionally associated with a peak in sports wagering.
March brought a renewed sense of optimism as online bets soared to $65.0 million, making up a dominant 89.5% share of the total monthly handle. This was an encouraging improvement over February’s $55.9 million in online wagers. The convenience and accessibility of mobile sports betting have been driving forces in this digital domain, firmly establishing it as the backbone of the state’s betting industry.
Meanwhile, the physical retail handle did not get left behind in this upturn, registering an 18.8% increase to $7.6 million, compared to $6.4 million the prior month. The retail sector, although smaller in scale, remains an essential component of the state’s sports betting ecosystem, providing a direct, engaging experience for bettors.
Despite the overall handle picking up, New Hampshire has faced challenges with its gross gaming revenue (GGR), which has continued on a downward trajectory. March’s GGR stood at a modest $5.6 million—the third-lowest in the current fiscal year and the feeblest since August 2023, before the much-anticipated NFL season had commenced.
The ramifications of this declining revenue were felt by the state’s finances as well. Contributions from the betting sector to state coffers dipped once more, from $2.9 million in February to $2.4 million in March, igniting concerns over funding for state programs typically bolstered by such revenue.
Moreover, a year-on-year comparison also paints a rather bleak picture. The euphoria of March 2023 feels a distant memory now, as it stood as the month with the highest handle of $103.4 million—a staggering 42.4% higher than the figures reported in the same month this year.
Nonetheless, there is a silver lining, albeit a slim one. March 2023’s GGR of $5.6 million actually surpassed the GGR from the same period last year, which was $4.8 million. Equally, the state’s share has seen a slight increase of 14.2% when comparing the two March figures year-on-year.
However, when zooming out to look at the broader picture for this fiscal year, there is a cause for concern. A significantly accumulated handle of $585.8 million so far represents a notable shortfall behind the previous year’s $727.1 million at this juncture.
The comparison grows even more stark when assessing the state’s GGR, where the current fiscal year’s $59.7 million lags behind the $62.9 million generated within the first nine months of FY2022. This also equates to a $2.6 million reduction in the state’s contributions when juxtaposing the two fiscal years.
This mixed bag of metrics indicates that while the sports betting industry in New Hampshire has found a reprieve in March, the longer-term trends point toward deeper issues needing to be addressed to ensure the sustainability and prosperity of the market and its contributions to the Granite State’s public resources. Whether the upcoming months will provide further relief or exacerbate the existing trajectory remains a matter of keen interest and speculation.
