North Carolina Sets New Sports Betting Record Amid Revenue Decline
In March, North Carolina made headlines by achieving an impressive sports betting handle of $685 million (£536.2 million/€624.6 million), marking a new high for the state. However, this milestone comes with a caveat: sports betting revenue has dipped for the second month in a row.
This latest figure surpasses the previous record of $659.3 million established in March of the prior year by a notable 3.9%. This month also bears significance as it marked the debut of legal online sports betting throughout North Carolina.
Additionally, the total handle eclipsed February’s $526 million figure by a substantial 30.2%, according to data from the North Carolina State Lottery Commission.
Breaking down the numbers reveals that out of the total bets placed in March, $667.1 million was categorized as "paid wagering revenue." The remaining $17.9 million was attributed to promotional offerings.
Revenue Challenges Persist
Despite the record handle, the Commission reported a stark decline in betting revenue, with figures indicating that $3.2 million worth of bets were voided or canceled, and players collectively won back $643.7 million. Ultimately, this left a gross wagering revenue of just $38.1 million, which is a staggering 42.7% lower than what was recorded in March 2023 and 31.6% less than February’s earnings. This figure represents one of the lowest monthly totals in North Carolina’s betting history.
The monthly hold stood at 5.78%, translating to approximately $6.9 million raised in state tax from sports betting.
While the lottery commission does not provide a detailed breakdown of each operator’s performance, it is known that eight online sportsbook operators are currently active in the state, including notable names such as FanDuel, DraftKings, BetMGM, and Fanatics.
In summary, while North Carolina’s sports betting scene is thriving in terms of total wagering amounts, ongoing challenges in revenue generation highlight the dynamic nature of the industry as it continues to evolve.