The New Hampshire Lottery has achieved a remarkable milestone in its sports betting sector, setting a new record for gross gaming revenue in January. Despite a slight decline in year-on-year wagers, the surge in revenue highlights the robust performance of the state’s sports betting market. The January results underscore the resilience of New Hampshire’s gaming industry and its ability to adapt to changing trends.
Record-Breaking Revenue:
In January, the New Hampshire Lottery reported an impressive gross gaming revenue of $12.3 million, marking a remarkable year-on-year increase of 53.8%. This surge also represented a substantial 47.7% growth compared to December 2022. The latest figure eclipsed the previous monthly revenue record of $9.1 million, achieved in October 2022.
Wager Trends:
While revenue soared to new heights, the state experienced a marginal downturn in wagers compared to the previous year. In January, the total wagers amounted to $97.2 million, reflecting a slight year-on-year decrease of 2.4%. However, when compared to December 2022, there was a modest 6.8% increase in wagers. The breakdown revealed that consumers wagered $75.2 million online and $21.9 million at retail sportsbooks.
Contribution of Online and Retail Betting:
The dynamics of online and retail sports betting played a significant role in shaping the revenue landscape. Online sports betting accounted for $8 million in revenue, underscoring the prominence of digital platforms in driving revenue growth. In contrast, retail sportsbooks contributed $4.3 million to the total revenue figure.
Tax Collection and Economic Impact:
The positive outcome of the New Hampshire Lottery’s sports betting sector has also yielded substantial tax revenue for the state. The collection of $5.6 million in taxes signifies the financial contribution of the gaming industry to public coffers. Furthermore, the cumulative revenue and tax figures for the seven months leading up to January reflect a robust performance. Over this period, revenue amounted to $50.7 million, with a total handle of $536.8 million. Tax contributions reached $23.4 million during this period.
Exclusive Partnership with DraftKings:
A significant driver of New Hampshire’s sports betting success has been the exclusive partnership with DraftKings. Since 2019, DraftKings has enjoyed exclusive rights to offer online sports betting through the New Hampshire Lottery. This partnership has enabled the state to tap into DraftKings’ expertise and innovative digital platform, contributing to revenue growth and an enhanced player experience.
The New Hampshire Lottery’s achievement of record-breaking revenue in January underscores the vitality and growth potential of the state’s sports betting market. Despite a slight dip in year-on-year wagers, the significant increase in revenue signals the industry’s adaptability and capacity to deliver substantial economic benefits. With a thriving online presence and exclusive partnerships, such as the one with DraftKings, New Hampshire’s gaming landscape remains poised for continued success in the evolving sports betting arena.