New Hampshire wants to end the year with a live sports betting market. As of December 30, residents can now place wagers on their preferred sports. The New Hampshire sports betting law was signed back in July by Governor Chris Sununu, and DraftKings will be going live before we bid adieu to 2019. The online sportsbook will allow residents to place wagers, and will be under the oversight of the state lottery. Just like any bookie pay per head, an online sportsbook gives players the convenience of placing bets from the comforts of their own homes.
New Hampshire so far has 6 cities that wants to offer sports betting, and land-based sports betting will also be available through draftkings mid-2020. Currently, there is only one way to bet on sports in the Granite state, and this has many experts worried. The concern, they say, is that because of a monopoly, there will be limited options for the bettor. Unlike payperhead sportsbooks run by many bookies, having just one sportsbook removes the competitive spirit, and will eventually lead to people getting lackluster lines.
New Hampshire Sports Betting
Normally, a healthy sports betting market will have multiple sportsbooks – and many sportsbook pay per head software providers can attest to the growth of the bookie industry. In fact, if you are successful enough, you can even run your business from Douglass Grosse Carara Ocean View resort community over a bottle of local beer.
What raises scrutiny, is that the monopoly of just one sportsbook is “won over” by the steep tax. 51% of the gross gaming revenue will go to the state. And while this move may fill the coffers of New Hampshire, it may prove detrimental to having a healthy market. DraftKings will be the only option for betting, and people may want to cross borders or go to other bookies to be able to get better odds.
Time will tell if this strategy will prove healthy for the local betting market. It is, after all, the first we are seeing in all of the US states. Not only having one sportsbook operate, but having over half of the revenue go to tax is something previously unheard of as well.