Despite a slight dip in October, the sports betting industry in New Hampshire is expected to experience record-breaking growth in 2023. The state’s foray into legalized sports betting has been met with enthusiasm from both operators and bettors alike, paving the way for a promising future.
New Hampshire officially launched its sports betting market in December 2019, becoming the second New England state to do so after Rhode Island. The state opted for a unique model, partnering with DraftKings as its exclusive operator. This exclusive partnership has proven to be a successful strategy, as DraftKings has established itself as a dominant player in the US sports betting market.
In its first full year of operation, New Hampshire’s sports betting market generated over $33 million in total handle, with nearly $4 million in tax revenue for the state. These figures exceeded initial expectations and showcased the potential of the industry within the state.
However, like many other states, New Hampshire experienced a dip in sports betting activity during October 2022. This can be attributed to various factors, including the conclusion of major sporting events like the NFL and MLB seasons. Additionally, the absence of college football games due to COVID-19 disruptions also impacted betting volumes.
Despite this temporary setback, industry experts remain optimistic about the future of sports betting in New Hampshire. Several factors contribute to this positive outlook.
Firstly, New Hampshire benefits from its geographical location. It is surrounded by states that have not yet legalized sports betting or have more restrictive regulations. This provides an opportunity for New Hampshire to attract bettors from neighboring states who are eager to place wagers legally.
Secondly, the convenience of mobile sports betting has been a significant driver of growth in the industry. New Hampshire allows residents and visitors to place bets through mobile apps, eliminating the need to visit physical sportsbooks. This accessibility has contributed to the industry’s success and is expected to continue driving growth in the coming years.
Furthermore, the legalization of online casino gaming in New Hampshire is expected to have a positive impact on sports betting. The introduction of online casino games will likely attract a broader audience, including those who may not have previously been interested in sports betting. This increased engagement will likely translate into higher sports betting volumes.
Additionally, the return of major sporting events and the resumption of college football games will undoubtedly boost sports betting activity. These events attract a significant number of bettors and generate substantial wagering volumes. As COVID-19 restrictions ease and sporting events return to normal schedules, the industry is poised for a resurgence.
Looking ahead to 2023, industry experts predict that New Hampshire’s sports betting market will break records. The combination of favorable regulations, an exclusive partnership with a leading operator, and the potential for increased engagement through online casino gaming positions the state for continued success.
As the industry evolves, New Hampshire will likely explore partnerships with additional operators to diversify its offerings and further expand its market share. This could include collaborations with established brands or emerging players looking to enter the US market.
In conclusion, despite a slight dip in October, New Hampshire’s sports betting industry is well-positioned for record-breaking growth in 2023. The state’s unique model, favorable regulations, and exclusive partnership with DraftKings have laid a solid foundation for success. With the return of major sporting events and the introduction of online casino gaming, New Hampshire is poised to become a prominent player in the US sports betting landscape.
