New Hampshire Receives Legalized Sportsbetting

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State legislators in New Hampshire have legalized online and mobile sports betting. They mark the second state in the New England region to approve the legalized betting of sports, joining Rhode Island. There have already been multiple corporations announcing that their products and services will be released to New Hampshire, with the most significant being from DraftKings. They will release their mobile betting products on December 30th, which will require individuals to be over 21 years of age. Installing the application to Android or Apple devices will open a world of sports betting opportunities.

Governor Chris Sununu approved the legislation in July 2019. All revenue earned from the sports betting industry will be placed into the education system of New Hampshire, which has required a significant overhaul for more than a decade. Unfortunately, the profits that will be earned from the state are slated to be lower than New Jersey’s and Rhode Island’s. Analysts anticipate yearly revenues ranging from $1.5 to $7.5 million by 2021. This number is projected to increase by $6 million by 2023, bringing the total market profits to $13.5 million.

The downfall of this legislation is that consumers will be prohibited from wagering on New Hampshire-based college games. The University of New Hampshire, Dartmouth, and Granite State bets will be considered illegal by governing authorities. However, all other college-associated sports teams outside of New Hampshire are regulated.

The Approval Process

When the sports betting legislation was passed, the New Hampshire State Government created a new division within the lottery commission. The Division for Sports Wagering will govern all online and mobile operations, with their first approval applying to DraftKings. This approval process required DraftKings to payout 51% of their gross gaming revenues to the association with their online and mobile services. This applies to their retail locations as well.

Retail betting lounges in New Hampshire are now legalized. These lounges will allow consumers to view their favourite sporting events and place live bets simultaneously. However, these lounges must be connected with a resort or alcoholic bar. Cities that have already approved these lounges include Berlin, Laconia, Claremont, Somersworth, and Manchester. It’s anticipated that Franklin City will approval their respective lounge by Spring. The Division of Sports Wagering in the New Hampshire Lottery Commission is requiring that DraftKings have $500 million in collected funds for payouts. This ensures that regardless of the prize, this consumer can honour its payout. This $500 million bankroll is required for all future operators in New Hampshire.

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