The New Hampshire Lottery, the entity responsible for managing the state’s sports betting industry, released its July financial report. The NH sportsbooks experienced steady year-to-year growth, but the industry entered its seasonal summer slump, slowing down compared to the previous month.
The State Recorded Double-Digit Yearly Growth
According to July’s financial results, the New Hampshire sports betting industry recorded a handle of $42.65 million, a 16.4% increase compared to the same period in 2021. These results continue the state’s stable yearly growth since it opened its regulated market in December 2019.
Despite positive year-to-year growth, July’s sports betting handle dropped considerably compared to the previous month. In June this year, New Hampshire sportsbooks made $53.57 million, marking a stark 20.3% monthly drop. However, the summer months usually experience a cooldown in betting activity due to the slow seasonal sportsbook calendar.
Revenue Stayed Strong despite the Lower Handle
The state’s online sector was responsible for most of the betting handle. Land-based sportsbooks made $9.55 million, while the remaining $33.11 million were spent at online operator DraftKings. The sports betting giant made a groundbreaking deal with the New Hampshire Lottery in November 2019, securing exclusive rights to the state’s online betting market. As a result, the operator contributed $1.77 million in taxes, while retail sportsbooks paid a combined $345,695.
Monthly revenue mostly stayed in line with the betting handle, rising 45.2% ahead of July 2021 at $4.48 million. While profits still failed to match June’s results, the drop was only 6.3% lower despite the more substantial difference in handle.
The Monthly Decline Mirrors Other States
Despite the short-term slowdown, the double-digit yearly growth indicates that New Hampshire’s sports betting market is still strong regardless of the negative global financial factors.
Other US states appear to be following a similar trajectory. Michigan also recently released financial results for its gambling market. Like New Hampshire, the Great Lake State recorded a seasonal dip in sports betting handle, which dropped by 23% to its lowest since last summer. However, Michigan’s sportsbooks similarly enjoyed a stable year-to-year increase.
Tennessee and Indiana’s July reports support the trend, but Mississippi marks an exception. The Magnolia State’s sports betting handle went down 40.4% compared to last July and 27.1% compared to June. Maryland also recorded a monthly decline, but since the state’s legal sports betting market launched last December, it is impossible to measure yearly results.
Despite the summer slowdown, sportsbook operators across the USA can look forward to a substantial boost in the last quarter as the 2022 FIFA World Cup will kick off in November, heralding many new opportunities.