Sports betting bill HB 480 may legalize sports betting in NH later this year.- NH may have issues with gambling revenue due to its winning teams.
- HB 480 projected to generate between $1.5 million and $7.5 million in its first year of operation.
CONCORD, N.H - New Hampshire houses sports teams with winning cultures and records. Teams like the New England Patriots and Boston Celtics. Teams that, if they keep winning, could damage the state’s sportsbook revenue when sports gambling becomes legal.
HB 480 is a bill that would legalize sports betting in the State of New Hampshire. The bill would establish a system within the lottery commission for sports betting. The bill passed the New Hampshire House with a 269-82 vote.
The Boston Celtics are a team that, while they’ve had their down moments, possess great talent and skill on the basketball court. This led them to a championship with Kevin Garnett. The Patriots led by their elite quarterback Tom Brady have won six NFL Super Bowls. While these are great accolades, for local bookies the state's revenue, in general, could mean very little gambling revenue for the state.
For elite teams that win the big dance consistently there is not much upside in terms of gambling. A large portion of high gambling winnings come from the underdogs, which NH does not have much of in the sports gambling realm. A few of those who study gambling around the U.S also have their takes on the winning teams.
“This is one of the issues that legal sports betting has. Any time a New England team goes deep in the playoffs, your state revenue can get hit pretty badly,” said David Schwartz, an associate vice provost at the University of Nevada Las Vegas. He previously served as the director of the school’s Center for Gaming Research.
For teams like the Patriots who may show signs of struggle at certain points of the season but continue to come together as a team and rise to the occasion in the playoffs, this could be disastrous for local bookies looking to make revenue. Schwartz mentioned another option people have used in the past to combat this.
“Going back a long way, this is why they have something called layoff betting, where if you’re a bookie and you get a lot of action on one team you would call a bookie in another state and make a bet to offset that,” said Schwartz, also adding that this practice is usually illegal and not an option for licensed bookmakers.
If New England teams keep winning in the manner they have the past couple of years, then it may be tough sledding for local bookies in the area. Gamblers looking to make some change on a Patriots upset in the first round of the playoffs may have to get lucky unless they’re facing another team with the skill to beat them early.
While there are may be circumstances surrounding sports betting in New Hampshire when it is made legal, the state is still projected to make some revenue with sports gambling this year. HB 480 is set to generate between $1.5 million and $7.5 million in its first year of operation. This may not be a large sum compared to other legal sports gambling states in the country, but it would still benefit the state in some way.
New Hampshire sports betting is projected to be on its way later this year and for many bettors who have bet on New England teams from other states, the idea of betting on them within their own state could prove promising.