The New Hampshire Lottery has reported a 10.9% year-on-year decrease in sports wagering for the month of April. Despite the decline in wagers, there are notable insights to be gained from the data, including the distribution of bets between online and retail channels, revenue figures, and the impact on tax generation.
Wagering Statistics:
In April, wagers in New Hampshire totaled $65.1 million, representing a 10.9% decrease from the $73.1 million wagered in the same month in 2022. More significantly, this figure had fallen by 37% from the record high of $103.4 million bet in March of the same year. The data showcases the dynamic nature of sports wagering, with fluctuations from one month to the next.
Of the total wagers, $56.8 million were placed online, reflecting the continued preference for digital platforms. The remaining $8.3 million was spent at retail sportsbooks, indicating the coexistence of traditional and digital betting channels.
Revenue Figures:
The New Hampshire Lottery reported gross gaming revenue of $6.7 million from sports betting in April. This marks a substantial 97.1% increase in revenue compared to the previous year. Furthermore, it represents a noteworthy 39.6% growth from the figures recorded in March.
Online sports betting contributed significantly to this revenue, generating $6.1 million. Retail sportsbooks also played a role, albeit a smaller one, with contributions totaling $586,755. The revenue breakdown illustrates the economic potential of online sports betting platforms.
Tax Generation:
The tax generated from sports wagering in April reached $3 million, highlighting the financial contribution of the industry to the state. Over the financial year to date, spanning ten months up to the end of April, the handle amounted to $792.2 million. Gross gaming revenue during this period reached $69.6 million, and tax revenue stood at $31.8 million. These figures underscore the importance of sports wagering as a revenue source for the state.
Exclusive Rights for DraftKings:
It is noteworthy that DraftKings has held exclusive rights to offer online sports betting via the New Hampshire Lottery since 2019. This exclusive partnership has had a significant influence on the state’s sports wagering landscape.
Despite the year-on-year decrease in sports wagering for April, the New Hampshire sports betting market continues to demonstrate its potential in terms of revenue and tax generation. The data also reveals the evolving preferences of bettors, favoring online platforms, and emphasizes the importance of partnerships with leading providers like DraftKings in shaping the industry’s landscape. The industry remains dynamic, subject to seasonal variations, and holds promise for the state’s financial well-being.