New Hampshire FY23 sports betting starts off slow with lowest handle since August 2021 – Basketball Insiders
The downwards sports betting trend across the United States has continued with New Hampshire recording its lowest handle since August 2021 as its financial reporting period for 2023 got off to a slow start.
Retail handle recorded was US$9.5m, down from US$12m in June whereas online handle fell from US$41.5m to US$33.1m as the lack of top US sporting competition continued to hit the top line across multiple states.
Margins were far more robust in the month of July as they have been prior, with GGR still holding at US$4.5m which is down just US$300k from last month. In fact, the total GGR recorded for July 2022 is the 7th highest GGR in New Hampshire’s sports betting history, which has been operational on mobile since December 2019, and in a retail capacity since August 2020.
How much money does it contribute to the state?
New Hampshire’s betting operations are solely run by DraftKings on behalf of the lottery, in a model used similarly by many other states. The state’s revenue share was, in total US$2.1m from July 2022, with US$1.769m coming from mobile sports betting contributions and US$345,695 coming from retail contributions. The lowest recorded contribution by month in 2022 thus far came in February, when a combined total of US$458,353 was contributed to the state, largely due to extremely low GGR in the retail sector (just $US14,595).
When will sports betting interest rebound?
The NBA returns at the end of September, with the NFL starting to gear up a few weeks earlier. Historical comparisons may be slightly scuffed given prior Covid disruption, but activity should start to peak again around September and October as the US sporting calendar reaches full bloom.
Given NH has been live for, in US sports betting terms, a considerable length of time, it would be extremely unsurprising to see the handle and gross gaming revenue figures continue to conform to historical trends. Superbowl and events such as ‘March Madness’ continue to be huge drivers of promotional activity as well as handle, and with Covid disruption now seemingly in the past, this is set to resume for FY23.