In May 2023, the New Hampshire Lottery witnessed a notable shift in its sports betting landscape, marked by a 31.6% year-on-year decrease in wagers. Despite this decline, the industry displayed resilience, with gross gaming revenue experiencing a 22.8% YoY increase.
Wagering Trends: A Statistical Overview
Total wagers amounted to $52.1 million, reflecting a 31.6% decline from May 2022 and a 20% drop from April 2023.
Online wagers constituted a significant portion at $46.6 million, while $5.7 million was spent at retail sportsbooks.
Gross Gaming Revenue Analysis: Surge Amidst Wagering Decrease
Despite the decrease in wagers, gross gaming revenue from sports betting reached $7 million, showcasing a robust 22.8% YoY growth and a 2.9% increase from April 2023.
Online sports betting emerged as the primary revenue driver, contributing $6.1 million, while retail sportsbooks added $914,424 to the overall GGR.
Tax Implications: Revenue Contribution to State Coffers
Tax generated from sports wagering in May amounted to $3.1 million, underscoring the financial contribution of the industry to the state.
For the financial year to date (11 months ending in May), the handle stood at $844.4 million, with gross gaming revenue at $76.6 million and tax revenue reaching $34.9 million.
DraftKings Dominance: Exclusive Rights and Market Impact
Since 2019, DraftKings has held exclusive rights to online sports betting via the New Hampshire Lottery.
The impact of this exclusivity on market dynamics and consumer behavior is a key factor in understanding the state’s sports betting landscape.
The May 2023 sports betting report for New Hampshire reveals a nuanced scenario, with a decrease in wagers contrasting with a significant rise in gross gaming revenue. The dominance of online platforms, particularly exemplified by DraftKings, and the noteworthy tax contributions highlight the evolving dynamics of the state’s sports betting industry. As the landscape continues to shift, stakeholders will be keenly observing future trends and regulatory developments that may shape the trajectory of sports betting in New Hampshire.