On Monday, December 30 the state became the second one in New England to offer wagering on games after the Lottery Commission legalaized New Hampshire sports-betting by signing a contract with DraftKings.
Six-year Contract with DraftKings Opens the Door to Online Sports Betting for New Hempshire Residents Over 18
The six-year contract with DraftKings became possible because of the vote of the residents in Berlin, Claremont, Laconia, Manchester and Somersworth who allowed the opening of physical sports book locations in their communities. It was also announced that apart from the physical locations which will be up to 10 all people over 18 will have the opportunity to wager in 5 online sports books.
While the physical locations for sports betting are expected to open doors in the beginning of the spring the mobile app for sports betting will be launched by DraftKings in January.
“Today’s affirmative vote begins a partnership with DraftKings that will offer our players an exciting opportunity to participate in sports betting with a trusted partner,” said New Hampshire Lottery’s executive director Charlie McIntyre.
He also explained that the introduction of sports betting will broaden the appeal of the New Hampshire Lottery and will make it possible to attract new customers.
Finally he said that he expected wagering on gems to bring millions of dollars additional revenue to support education.
Online Sports Betting Revenue Will be Invested in Education
Online sport betting was officially launched by the Republican Gov. Chris Sununu who was the first in the state to make a bet by wagering $82 on the New England Patriots winning the Super Bowl.
Governor Sununu also made a positive statement regarding the fact that the 50% of the sports betting profits that have to be paid to the state will be invested in education. He described the launch of sports betting as a win for the kids in New Hampshire.
According to the estimations, sports betting’s revenue is expected to be around $7.5 million in the first year and nearly $13.5 million in two-years’ time.
DraftKings Are Opening an Office in New Hampshire
In relation to the new contracts DraftKings, which is currently headquartered in Boston, is going to open another office in New Hampshire.
Matt Kalish, chief revenue officer and co-founder of DraftKings said in a press release that the company based in New England is honored to launch an American sportsbook in New Hampshire for the start of the NFL playoffs.
“We want to thank Governor Sununu, (Lottery) Director (Charlie) McIntyre and the New Hampshire Lottery for their commitment to launching safe, legal sports betting as soon as possible and we look forward to working with them closely for many years to come,”he added.
This news comes 7 days after the news about Draftking’s merger with two other operators which would lead to the company going public.
DraftKings is going to finilize the merger with SBTech and the acquisition company Diamond Eagle Acquisition in the first six months of 2020.