New Hampshire Governor Signs Sports Betting Bill into Law
New Hampshire now joins several states in the US with legalized and regulated sports betting. Governor Chris Sununu has signed H 480 into law, after lawmakers passed the bill before adjourning in June. It took quite some time for the bill to make its way to the Governors’ desk for approval.
For 2019, New Hampshire is the 6th state in the US to pass a sports betting bill into law. Nine states already offer sports betting and seven more have laws in place and are pending launch. On top of that, Washington D.C. is also in the mix to get started with sports betting soon.
With the approval of the new law, a Division of Sports Wagering will be created as part of the New Hampshire Lottery Commission. The group will be in charge of regulating the new gaming industry. Sports betting will be accessible throughout the state, with retail shops as well as mobile gaming on offer.
Regulators have 15 licenses that can be handed out, ten for online sports betting and five for retail. Operators must complete a competitive bidding process in order to receive one of the available licenses. According to the law, the lottery has the ability to negotiate terms with each licensee instead of having one set revenue-sharing agreement.
In the state, the legal betting age is 18 years of age. Remote registration is included, and in-play betting can only be accessed online. Betting on in-state collegiate gaming is not allowed.
The process of bidding for licensing will begin in January, with companies being targeted that will bring the most revenues to the state. We are sure to see the regular players during the bidding process, including such companies as DraftKings and FanDuel.
According to projections, it has been estimated that the new industry will bring a minimum of $11.25 million in annual state revenues beginning in the fiscal year 2021. The target date to launch is July 1st of next year.
Sports Betting Growth
As more states like New Hampshire legalize sports betting, it opens the door for other, more conservative states to give the industry consideration. Lawmakers are seeing the significant revenues that can be derived from sports betting and taking the appropriate actions to legalize the industry within their borders.
By getting started quickly, states that have already legalized the option have a leg up on the neighboring competition. Players will have their favorite retail sports as well as online options which allows early entrants into the industry to be more successful.
It is believed that over the next few years, most states in the US will be offering sports betting in a legalized manner. If this year is any indication, it seems that within the next year or two, the majority will have passed legislation or be in the process of doing so.
It takes time, but states are slowly getting the ball rolling and putting everything in place to be the next to being offering sports betting in the nation. New Hampshire just helps that list to get a little bigger!