February Sports Betting Revenue in New Hampshire Exceeds $7 Million
February Sports Betting Revenue in New Hampshire Exceeds $7 Million
The state of New Hampshire has seen a significant increase in sports betting revenue in February 2021, with the total amount exceeding $7 million. This is a remarkable achievement considering that the state only legalized sports betting in 2019.
The New Hampshire Lottery, which oversees sports betting in the state, reported that the total handle for February was $54.6 million, which is a 15% increase from January’s handle of $47.6 million. The handle refers to the total amount of money wagered by bettors during the month.
The revenue generated from sports betting in February was $7.3 million, which is a 42% increase from January’s revenue of $5.1 million. This revenue includes both online and retail sports betting.
Online sports betting continues to be the most popular option for bettors in New Hampshire, accounting for 93% of the total handle in February. Retail sports betting, which is offered at physical locations such as bars and restaurants, only accounted for 7% of the total handle.
The most popular sport for betting in February was basketball, with a total handle of $22.1 million. Football came in second with a handle of $17.8 million, followed by ice hockey with a handle of $6.2 million.
New Hampshire’s success in sports betting can be attributed to its favorable regulatory environment and the convenience of online betting. The state has only authorized a limited number of online sports betting operators, which has helped to prevent oversaturation and maintain a competitive market.
In addition, New Hampshire has one of the lowest tax rates on sports betting revenue in the country, which has encouraged operators to set up shop in the state. The tax rate on sports betting revenue in New Hampshire is just 10%, compared to rates as high as 36% in other states.
The success of sports betting in New Hampshire has also had a positive impact on the state’s economy. The state receives a percentage of the revenue generated from sports betting, which is used to fund education programs and other public services.
Overall, the February sports betting revenue in New Hampshire exceeding $7 million is a positive sign for the state’s sports betting industry. With the continued growth of online sports betting and the favorable regulatory environment, New Hampshire is poised to become a major player in the sports betting market.