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While Super Bowl LVIII might have been played during the month, super is not among the first descriptors that you could apply to the returns for legal sports betting in New Hampshire for February 2024. Like the San Francisco 49ers in the game, the numbers were ultimately unable to keep up with the competition.
Both betting activity and the splits of revenue for DraftKings and New Hampshire fell from monthly highs recorded a year ago. That builds on a trend that could lead to a disappointing year for the New Hampshire Lottery in this regard.
February 2024 sports betting numbers fall short of line to gain in New Hampshire
According to the New Hampshire Lottery, bettors in the state wagered almost $62.3 million during February 2024 using the state’s licensed online and physical sportsbooks. In New Hampshire, DraftKings is the state lottery’s exclusive partner when it comes to sports wagering.
That amount bet represents a decline of 28.4% compared to February 2023 New Hampshire sports betting. The situation starts to look a little better when you consider how much of that money that DraftKings/New Hampshire held onto.
The sportsbooks won around 10.6% of that sum, resulting in almost $6.6 million in gross revenue for DraftKings and the New Hampshire Lottery to split. The New Hampshire Lottery takes a 51% cut of gross revenue.
That equated to nearly $2.9 million for February 2024. Both of those totals, however, are down about 7.4% in comparison to February 2023. Unfortunately, February’s sports betting activity didn’t do much to stem an overall downward trend for New Hampshire sports betting.
Current fiscal year’s sports betting numbers continue to slide
Through February, New Hampshire sportsbooks have accepted over $513.2 million in bets and reported more than $54.1 million in gross revenue from those wagers for the current fiscal year. Those numbers represent a decline of 17.7% and 6.7%, respectively, from the first eight months of FY2022-23.
It’s difficult to pin down any sole reason why legal sports betting activity has declined in the state for the current period. However, such activity has been waning for almost a full year. The last time there was a significant increase in dollars bet in New Hampshire was in March 2023.
During that month, New Hampshirites wagered almost $103.4 million, a 23.8% year-over-year increase. Regardless of the factors behind it, the current state of activity could represent the market reaching maturity.
To accelerate growth again, New Hampshire might have to make some changes like opening the state up to a competitive market for legal sports betting. In the absence of such a revision, this might be the status quo for February sports betting in New Hampshire.
