In recent developments within the sports gambling industry in New Hampshire, the state reported a downturn in betting activities for February. The total betting handle amounted to $62.3 million, experiencing a 15.0% decrease from January’s figure of $73.3 million. Notably, this marks the third consecutive month witnessing a diminishing sports betting handle within the state.
Dominating the landscape, online wagering remained the foremost contributor, with mobile bets totaling $55.9 million. This accounts for a staggering 86.9% of New Hampshire’s overall betting handle for the month. On the other hand, retail outlets only managed to generate $6.4 million in bets, a minor portion in comparison.
In alignment with the declining handle, February’s gross gaming revenue (GGR) also suffered a significant reduction, sinking to $6.6 million from the $9.8 million earned in January, which translates to a 33.0% month-on-month drop. This figure reflects the lowest GGR New Hampshire has seen in five months, harking back to September’s $6.2 million.
This lingering contraction in sports betting figures in New Hampshire also extends its ramifications to the state’s tax revenue streams. There was a plummet in tax collections to a five-month nadir of merely $2.8 million, down by 36% from the previous month’s tax capture of $4.5 million.
Despite February’s disappointing handle helping New Hampshire surpass the $500 million mark in total wagers for the fiscal year, it trails 28.4% behind the $87.0 million in bets recorded for the same month last year.
Comparatively speaking, the February GGR of $6.6 million also falls short by 7.0% against February 2023’s $7.1 million. Echoing this shortfall, the state’s share of revenue for February tagged along at 12% less than that of the same month the preceding year, which was $2.9 million.
Cumulatively, the state has recorded a $513.2 million handle halfway through its fiscal year, which starkly contrasts with the previous fiscal year’s equivalent period, during which New Hampshire had received $623.8 million in sports wagers. This indicates the current betting handle is lagging by over $100 million.
Furthermore, the cumulative GGR reaching up to this point in the year stands at $54.1 million, still trailing by 6.8% when compared to the $58.1 million earned at the same juncture of New Hampshire’s FY2022. The implications of these declines are palpable in the state tax revenue from sports betting as well, which now falls behind FY2022 at $23.8 million, considering it had already accumulated $26.7 million in taxes by this time last year.
The sports betting sphere in New Hampshire has faced an undeniable slump in recent months, resonating through multiple facets, including betting handle, gross gaming revenue, and, consequently, state tax revenue. This downward trajectory raises concerns about potential factors contributing to the contraction and questions about strategies that may revitalize the state’s betting market.
While the sector eyes a rebound, the state’s figures present a stark reality check, evidencing a cooling period for New Hampshire’s once booming sports betting industry. Stakeholders and regulators will likely be monitoring the trends closely, with a keen eye on forthcoming months to gauge the potential for recovery or further decline. As New Hampshire evaluates its next steps, the rest of the nation watches on, taking notes on the market’s dynamics and uncertain future.
