New Hampshire Sports Betting Revenue, Handle and Taxes

New Hampshire Sports Betting Revenue

The state of New Hampshire legalized sports betting back in July 2019 and officially went live on December 30th, 2019. There are now many states in which sports betting is legal, but New Hampshire is probably the most unique. Unlike most states in which there are several legal sportsbooks all competing for customers, New Hampshire just has one available sportsbook: DraftKings. Sports betting in New Hampshire is overseen by the New Hampshire Lottery, and DraftKings has a negotiated monopoly with the NH Lottery.

Even though New Hampshire does not have any professional sports teams, sports betting is still extremely popular among residents. In 2020, the first full of legal sports betting, the New Hampshire sports betting handle was $292,594,088. From that, the New Hampshire sports betting revenue was a whopping $23,637,613. In 2021, the popularity of sports betting increased further, as we saw a New Hampshire sports betting handle of $703,899,047 and a New Hampshire sports betting revenue of $43,827,560. The numbers grew in 2022 as well and thus far since legalization (through June 2023), we have seen a New Hampshire sports betting handle of $2,293,312,508 and a New Hampshire sports betting revenue total of $172,196,929. Needless to say that the sports betting business is booming given that these are the figures for the 42nd-most populous state in the country and one that has zero pro teams at that. You can also find figures for New Hampshire sports betting revenue by sport and New Hampshire sports betting revenue by state as well.

New Hampshire Sports Betting Taxes

Knowing the New Hampshire sports betting tax rate should be very important for sports bettors. When collecting your winnings, you want to ensure that you understand the New Hampshire sports betting taxes and how to report the winnings come tax season. The New Hampshire sports betting tax rate is 51%, which is among the highest of any of the states with legal sports betting. Revenue from New Hampshire sports betting taxes totaled $11,000,815 in 2020, $19,999,601 in 2021, and $30,969,398 in 2022. Halfway through 2023, it’s very likely that those numbers will continue to climb. Despite the high New Hampshire sports betting tax rate of 51%, the popularity of sports betting is showing no signs of slowing down in NH.

New Hampshire Sports Betting Handle

The handle in sports betting refers to the total amount of money wagered by a certain population. For example, there is both a New Hampshire sports betting handle and a United States betting handle. The US betting handle has unsurprisingly increased each year with more states legalizing sports betting. In 2021, the sports betting handle for the entire United States was $58 billion. In 2022, that number jumped to $93.7 billion and it appears that 2023 will see another increase.

The New Hampshire sports betting handle in 2021 was $703,899,047, which was over double that of 2020. In 2022, the New Hampshire sports betting handle was $891,727,580 and we expect to see the number continue to climb. In March 2023, the New Hampshire sports betting handle was the highest ever for a month, totaling $103,390,747. Seeing astronomical handle numbers in March is not all that surprising with how popular March Madness is. It’s worth mentioning that the NH sports betting handle from April 2023 to June 2023 has dropped quite a bit, but sports betting typically slows down a tad during the summer. The handle numbers should return to an extremely high level again once football season begins.

New Hampshire Sports Betting Handle Per Capita

Sports betting handle per capita is calculated by dividing the state’s total betting handle by the state’s population. Essentially we are trying to account for the state’s population when comparing the betting handle with other states. In 2022, the New Hampshire sports betting handle per capita was $1,018, or roughly $84.83 per month. This is right in line with what we have seen thus far in 2023, as the New Hampshire sports betting handle per capita is $84.50.

This is an important figure to understand, especially in New Hampshire. New Hampshire ranks 42nd in the US in terms of total population, so we would not expect to see the same total sports betting handle as somewhere like New York, which ranks fourth in overall population. In 2022, the entire New York sports betting handle was over $15 billion, but the handle per capita was $1,115, nearly identical to that of New Hampshire.

New Hampshire Sports Betting Hold

The sports betting hold is the percentage of money that a sportsbook keeps for every dollar wagered by users. For example, if a sportsbook has a monthly handle of $10 million and a revenue of $1 million, that means it paid out $9 million in winnings. This means that the hold would be 10%.

In 2022, the New Hampshire sports betting hold was 7.48%. Through the first six months of 2023, the New Hampshire sports betting hold percentage is 8.55%. NH seems to be right about the average in terms of the hold, as the national average in 2022 was 8.1%, with the New Hampshire sports betting hold percentage just slightly lower at 7.48%.