New Hampshire sports betting handle reached $52.1 million in May, a 32% drop year-over-year as the Massachusetts market grows.
During the same month last year, NH sports betting handle was $76.2 million. Despite fewer dollars being bet, revenue is increasing for DraftKings Sportsbook, the only operator in the state.
According to figures recently released by the New Hampshire Lottery, DraftKings claimed more than $7 million in revenue last month. That was a 23% increase over May 2022, when it netted $5.7 million.
Sports betting taxes increase for NH
Tax revenue for the state is increasing too. Eleven months into the state’s fiscal year, New Hampshire exceeded its 2022 fiscal year-end total. Fiscal year-to-date, New Hampshire received nearly $35 million in sports betting tax revenue.
In fiscal 2022, it received $23.9 million. The state’s fiscal year runs from July through June.
The $3 million in state tax revenue for May slightly increased over April ($2.99 million) and was 16% higher than in May 2022 ($2.6 million.)
Mass effect on NH sports betting
New Hampshire sports betting is beginning to feel the effects of the March launch of online Massachusetts sports betting. May handle in the Granite State dropped more than $24 million compared to the same month last year.
April 2023 handle ($65 million) dropped 11% year-over-year, with bettors spending $73.1 million the year prior.
LSR data points directly at the Massachusetts launch keeping Bay State bettors at home rather than traveling across state lines to wager.
Other neighbors feeling effects too
Rhode Island, which also borders Massachusetts, is feeling the effects of its neighbor’s recently legalized online sports betting market.
LSR projections suggest that Massachusetts is taking between 10% and 15% of the RI sports betting market.
The effect the Ohio sports betting launch in January had on Pennsylvania, for example, was no more than 5%.
