In May 2024, sports betting activity in New Hampshire experienced notable shifts. Bettors in the state wagered a total of $58 million on sports, reflecting an 11.3% increase compared to May 2023.
Betting Breakdown
Of the total handle for May, $51.7 million was placed through online betting platforms, while $6.3 million came from retail sportsbooks. The overall revenue generated from these bets amounted to $6.5 million. This represents a 7.1% decrease in revenue compared to the same period last year, despite the increase in total spend. Nevertheless, this revenue figure is 22.6% higher than the revenue recorded in April.
Specifically, online betting contributed $5.9 million to the revenue, with the remaining $652,270 coming from retail sportsbooks.
Tax Revenue
From the total revenue generated, New Hampshire collected $2.8 million in tax revenue from sports betting in May. This tax income includes $2.5 million derived from online betting and $293,521 from retail sportsbook wagers.
Increased Handle Amidst Revenue Decline
Despite a significant rise in betting activity—an 11.3% increase in total handle from the previous year—the revenue generated from these bets saw a decrease of 7.1% compared to the previous year. This trend suggests that although more money is being wagered, the profitability of these bets may be lower, impacting overall revenue.
Shift in Betting Preferences
Online betting continues to dominate, accounting for a substantial $51.7 million of the total $58 million wagered. This preference for online platforms reflects a broader trend in the industry, where digital access is becoming the primary method for placing bets. In contrast, retail sportsbooks accounted for a smaller portion of the total handle at $6.3 million.
Revenue Growth vs. Decline
Despite a decrease in revenue compared to the same month last year, New Hampshire saw a notable improvement in revenue from April, with a 22.6% increase. This suggests that while the overall year-on-year comparison is down, recent trends indicate a potential recovery or adjustment in revenue generation.
Tax Implications
The tax revenue from sports betting remains a significant source of income for the state. With $2.8 million collected in May, the state benefits considerably from both online and retail betting activities. The distribution of this tax revenue indicates that online betting is the primary contributor, aligning with its dominant share in the total handle.
The data for May 2024 presents a mixed picture for sports betting in New Hampshire. While the increase in total wagers is a positive sign of growing interest, the decline in revenue and the shift in betting preferences highlight areas for further scrutiny. .