A trend is starting to develop in the New Hampshire sports betting industry, and it’s not a good one for the state. The total sports betting dropped for the second straight month, and that could be the case over the next few months as well.
In May, the total sports betting handle was just $42.4 million, a decrease of 9.3% from April. The month of April saw nearly $47 million in total handle, but that was also a disappointing month for the state.
2021 got off to a great start for sports betting in New Hampshire as the state posted a sports betting handle of $59.8 million. That is the biggest month on record for the state, but everything has gone downhill for New Hampshire since that month.
The mobile handle also fell by more than 11 percent last month, and that played a large role in the total handle going down.
Revenue Also Falls
Not only did the total betting handle for the month fall, but the state also saw a drop in sports betting revenue. This is a number that is more concerning to the state as it leads to a decrease in the amount of tax revenue that is generated.
The gross gaming revenue from sports betting in May was $3.12 million. This was a drop of 11.1% after the total was all the way up to $3.3 million in April.
New Hampshire received $1.43 million from sports betting in May, but it is hoping to get back up around the $2 million mark in the coming months.
DraftKings Only Option
New Hampshire launched sports betting way back in 2019, but the state has not seen much growth in the industry since that time. There is only one sports betting provider that is able to offer betting, and that has kept the state from really taking off.
The New Hampshire State Lottery oversees and regulates sports betting, and that group has partnered with DraftKings Sportsbook to power the industry. DraftKings agreed to give the state 50% of the revenue, but it has also created a monopoly.
DraftKings has made improvements to its sportsbooks since 2019, but the lack of competition has not allowed for much growth in the industry.
More Competition Coming
New England has turned into an area of the US with many sports betting options, and there will be another state set to launch later this year. Connecticut recently approved both online and retail sports betting after agreeing to new gaming compacts with the state’s Native American tribes.
The Mashantucket Pequot Tribe and the Mohegan Tribe were both able to sign a new compact with Governor Ned Lamont, and those compacts were approved by the state legislature. Connecticut is hoping to have sports betting up and running by September, which is the start of the 2021 NFL season.
New Hampshire is hoping to see a boost in sports betting when the NFL returns, but this new competition from Connecticut will hurt the numbers.