With New York in serious talks of expanding to online sports betting, New Hampshire is also looking to get into the expansion of sports betting in its state.
New Hampshire went live with online sports betting in December 2019, with DraftKings launching in the state. However, the state’s industry has stalled with no commercial casinos for sportsbooks to expand to, and lawmakers want to change that.
The state has still seen a lot of success, and it showed during Covid-19. New Hampshire also thinks it can get more out of the new industry. The New Hampshire lottery has seen over a quarter-billion dollars wagered since major U.S. sports returned at the end of July.
Expanding sports betting could be even more lucrative for the state.
Sports Betting Expansion Proposal
New Hampshire Rep. Tim Lang proposed an expansion of location to allow sports betting an offer in-game wagering. “Sports betting has been hugely successful in New Hampshire,” Lang said. “We’re just looking to make it better and help open up the market some more.”
Lang was a big sponsor in the original sports betting bill that brought wagering into the state. Right now, New Hampshire bettors can only place bets at Manchester and Seabrook retail sportsbooks. Lang wants to expand the number of places that can take bets.
Lang proposed House Bill 330 to New Hampshire, which would allow up to 10 locations to offer sports betting. The bills would also help potential further expansion in the future if needed. Lang stated that the market should allow the growth of sports betting in New Hampshire instead of the state’s legislative limits put on the market.
DraftKings is the main sports betting operator in the state. 50% of the betting revenue is collected in taxes by the state, mostly education. New Hampshire estimates that the state will collect roughly $7.5 million in taxes in 2021 and double to $13 million in 2023.
New Hampshire Sports Betting in 2020
The state saw a solid first few months of sports betting in early 2020. Over $22 million was bet in February, giving sports betting a lot of promise. When Covid-19 hit, the state suffered during that time as the sports betting industry did as a whole.
New Hampshire hit a low of $3.7 million wagered in April but has seen its betting handle grow every month since the spring. $220.5 million was wagered in 2020, and although betting revenue took a dip from November to December, the state is still should a lot of growth heading into the new year.
New Hampshire has collected over $2 million in taxes for the last three months, which should continue into early 2021. The state collected a total of $20 million in taxes in 2020.
If New Hampshire expands sports betting, it would be no surprise for the state to eventually see a $100 million betting handle. The New Hampshire betting handle hit $51 million in December with only two retail locations and some online sports betting available.
If HB330 is passed and there are 10 betting locations available, then there is no doubt that the state will double its betting handle. More competition would be healthy for the industry, and there is no doubt that New Hampshire would have great numbers for a state that ranks 41st in population.
