Summary
- Senate Bill 104 would create an education scholarship fund from iGaming.
- The bill has support from Republicans and Democrats.
- Governor Sununu must sign off before the bill can become law.
New Hampshire is currently reviewing new legislation that would allow online casino gaming to take place in the state. Senator Timothy Lang introduced Senate Bill 104 to regulate the industry in the state and bring about new funds for education needs. If approved, the measure would create an education scholarship fund.
Details of the New Measure
The online gambling bill is up for debate this week on the Senate floor. If it is able to pass, it would then move on to Governor Sununu’s desk for approval. This measure is a bit different from other iGaming bills in the United States. It would allow wagering online for players 18 and up. Most states have the age limit at 21.
Online gaming would be defined with games of chance and include poker, blackjack, cards, craps, roulette, baccarat and other similar games. It does not include sports betting, fantasy game wager, online lottery, or historic horse racing.
The regulatory terms have yet to be determined for the bill. The tax rate may be set at 35% which would be quite high for US standards. The New Hampshire Lottery would be in charge or regulating the industry. A preemptive launch date of January 1, 2024 is in place.
How Would Online Gambling Affect the State?
Revenue projections are quite high for New Hampshire and not a true indicator as to how much the state would be able to generate from the new industry. According to fiscal predictions in the bill, the first fiscal year would create just over $6.7 million in earnings. This would bring $2.3 million in tax payments to the state at the 35% mark.
The second fiscal year would be much higher of course, estimated at $27 million. This amount would bring over $9.4 million in taxes. One year later, the bill estimates that upwards of $40 million will be generated and this would bring over $14.1 million in taxes to New Hampshire’s coffers.
The scholarship fund would also benefit. The first payment would be around $2.2 million, followed by $8.8 and $13.5 million. The figures were created based on market analysis from New Jersey, Michigan, and Pennsylvania.
It will be interesting to see what lawmakers have to say this week regarding the bill. Will New Hampshire become the next state to offer iGaming in the US? We shall know more by the end of the week once the measure has been discussed in the Senate.
About the Author
