New Hampshire Sports Betting Faces Continuous Decline in February
Date: 2024-03-19 Author: Dima Zakharov Categories: SPORTS BETTING
Declining Figures
The New Hampshire sports betting market witnessed another downturn in February, according to the latest report from the state's lottery. Compared to January, the total handle for February dropped by 15.0%, reaching $62.3 million. This marks the third consecutive month of decline in the state's sports betting activity.
Dominance of Online Platforms
Online platforms continue to dominate the market, with mobile betting accounting for a significant 86.9% of the total handle, amounting to $55.9 million. In contrast, retail betting contributed just $6.4 million to the total handle for New Hampshire in February.
Decrease in Revenue
The gross gaming revenue (GGR) for February also saw a significant decline, dropping to $6.6 million from January's $9.8 million, representing a 33.0% decrease. This marks the lowest GGR figure in five months since September.
Impact on Tax Revenues
The decline in sports betting figures is not only affecting the market but also impacting tax revenues. New Hampshire experienced a decrease in tax revenues, reaching a five-month low of $2.8 million in February, a 36% drop from January's $4.5 million.
Year-on-Year Comparison
Comparing February 2024 to the same month last year, New Hampshire witnessed a decline of 28.4% in its sports betting figures. Despite surpassing $500 million in wagers for the financial year, the handle is still lagging behind compared to the previous year. The GGR and tax revenue also experienced notable decreases compared to February 2023.
