June represented more of a whimper than a flourish to close out the 2022-23 fiscal year for DraftKings and the New Hampshire Lottery. However, that 12-month period is nonetheless a new standard for legal sports betting in the state.
There are new records for dollars wagered, gross revenue, and the state’s share of that revenue for a fiscal year in New Hampshire. DraftKings had its best fiscal year in the state to date as well, which could draw the company’s interest in other forms of gambling in New Hampshire.
June wagering represents summer slump
While the past fiscal year might have been the best for legal wagering on sporting events in New Hampshire yet, the final month of the year wasn’t as impressive. In fact, New Hampshirites wagered the smallest amount of money of the entire term in June at just $39.3 million.
That translated to about $4.3 million in gross revenue, representing a respectable win percentage of almost 11%. The state’s share of that revenue was just south of $2 million. The gross revenue total and the state share both represented the lowest since August 2022.
Furthermore, the amount of money bet on DraftKings online and at the state’s physical sportsbooks was down 26.5% compared to June 2022’s total. Gross revenue was down 10.4% and New Hampshire’s haul down 13.6% year-over-year as well.
Such declines are typical for June. The comparatively slow sports calendar and bettors prioritizing expendable income elsewhere during the summer are factors. Regardless, the entire fiscal year represented new highs for DraftKings and New Hampshire despite June failing to build on May New Hampshire sports betting revenue.
DraftKings, New Hampshire Lottery enjoy record revenue
According to a summary from the New Hampshire Lottery, regulated sports betting was at its strongest from July 2022 through June of this year in New Hampshire. Bettors wagered over $883.6 million during FY22-23. While that was merely marginally better than the previous high sum from FY21-22, other metrics revealed more significant growth.
The state’s share of revenue also saw significant improvement, increasing by 35.1% to reach $36.8 million. DraftKings’ share of the revenue from online wagering win came to $37.4 million for FY22-23. That’s also a new record for a fiscal year in New Hampshire.
What’s more, the rate of growth has improved after a dip in FY21-22. In that cycle, gross revenue grew by 24.6%. From FY21-22 to FY22-23, the improvement in gross revenue was 36.2%. Building on that in the current fiscal year could prove challenging.
Neighboring Maine and Vermont plan to launch their regulated sports betting industries over the coming months. Additionally, the current fiscal year will be full of legal wagering being available in Massachusetts.
At the same time, New Hampshire could make a move that would again set it apart from its neighbors over the next year. The move might interest DraftKings, too.
Could DraftKings Casino join the sportsbook in New Hampshire?
Earlier this year, a bill that would have legalized online table games like blackjack cleared New Hampshire’s Senate but failed to see a vote in the state House of Representatives. Operators of charitable brick-and-mortar casinos in the state proved effective at communicating their concerns about a loss of business.
The senator behind that legislation has vowed to try again next year with renewed optimism. If the format of the expansion were to also include online slots and live dealer games, it’s possible that market forces like DraftKings Casino could be interested.
Should the proposal stick to the table games-only format, though, that could limit interest in New Hampshire’s only casino market. The forthcoming legislation will answer questions about whether lawmakers have been able to garner support from charity casinos.
In the midst of that uncertainty, sports betting in New Hampshire has never been more robust. That’s part of the reason why DraftKings could be interested in expanding its operations should the right opportunity come along.