New Hampshire is set to soon become only the second New England state to offer legal sports betting, behind Rhode Island, as major wagering company DraftKings is gearing up preparations to launch a betting app in the state months ahead of schedule.
The mobile betting product is slated to go live on December 30, and New Hampshire Gov. Chris Sununu is set to place the state’s first legal bet.
Gov. Sununu signed a legislation providing for the legalization of sports betting on the territory of the state this past July. Under the measure, anyone aged 21 or over will be able to place bets on a variety of sports.
State bettors will be able to wager money both on professional and college games. However, the law prohibits betting customers from placing money on collegiate sports events that take place in New Hampshire or involve state schools.
Following the passage of the sports betting legislation, the New Hampshire Lottery Commission selected DraftKings as the preferred operator of the state’s betting app. Under its six-year contract with the state, the operator will be able to provide both mobile and retail betting services.
Unlike many other states that have legalized wagering in the 19 months since the US Supreme Court struck down a long-standing federal ban on the practice, New Hampshire will enter the wagering frenzy with a mobile product first and would then roll out retail services.
Projected Sports Betting Revenue
DraftKings will contribute 51% of its mobile betting revenue and 50% of its retail revenue to the state’s Lottery. Under the state’s new sports betting law, 10% of the operator’s tax contributions will be allocated to services that support treatment and prevention of gambling addiction. Most of the sports revenue to be generated will go to the state’s education system.
According to initial projections by New Hampshire sports betting legalization backers, the practice would generate tax revenue between $1.5 million and $7.5 million in fiscal year 2021 and up to $13.5 million by 2023.
While the mobile betting app will be available statewide to anyone of legal age, New Hampshire cities and towns are able to approve retail betting lounges where bettors can watch games and place bets. Physical sportsbooks can be located within another commercial business, such as a bar or resort.
Several cities around the state have already voted to permit retail betting, including Berlin, Claremont, Franklin, Manchester, Somersworth, and Laconia. Towns will be able to vote on the matter at annual meetings this coming spring.
The launch of mobile sports betting in New Hampshire is set to take place just days after DraftKings announced that it would merge with sports betting technology provider SBTech in a deal valued at around $3.3 billion. The Boston-headquartered operator expects to close the transaction in the first half of 2020. The combined entity will have about $500 million on hand.
The merger will provide DraftKings with proprietary technology to power its B2C offering and would significantly enhance its bid to become a leader in the US sports betting marketplace.
Source: Mobile sports betting to launch in NH
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