New Hampshire Senate Bill SB432

New Hampshire 2024 Regular Session

• Introduced: 12/12/23
• Refer: 12/12/23
• Report Pass: 2/21/24
• Report Pass: 3/22/24
• Engrossed: 4/10/24
• Refer: 4/10/24
• Report DNP: 4/29/24
• Report Pass: 4/29/24

Caption

Relative to advanced deposit account wagering and establishing a charitable third party financial intermediary program.

Impact

This legislation will have financial implications for the state by introducing a revenue-sharing plan where licensed wagering providers must remit 1.25% of all wagers to the state. According to the fiscal analysis, this could potentially increase state revenues significantly, starting with an estimated $106,250 in FY 2025 and reaching approximately $212,500 annually thereafter. These funds are expected to contribute to both the Lottery Fund and the Education Trust Fund, emphasizing the importance of sports betting as a revenue stream for essential public services.

Summary

SB432 is a bill aimed at regulating advanced deposit account wagering on horse racing in New Hampshire. It allows individuals to place wagers via remote accounts and requires that such operations be conducted by licensed providers that obtain permission from the New Hampshire lottery commission. The intent of the bill is to modernize and streamline the betting process, making it more accessible to those interested in pari-mutuel betting. In doing so, it is expected to enhance the state's revenue from gambling activities.

Contention

There may be points of contention regarding the enforcement of regulations imposed on these wagering providers. The bill stipulates strict requirements for financial responsibility, including obtaining surety bonds or letters of credit and outlining operational plans that detail how disputes with account holders will be resolved. Critics could argue that these requirements may create barriers for potential operators or may not sufficiently protect consumers, leading to debates on the adequacy of regulatory frameworks in the face of the expanding gambling landscape.