North Carolina’s sports betting industry witnessed its second-best month since its March launch, with a handle of $657.7 million in November. The North Carolina State Lottery Commission reported that the November handle narrowly trailed the all-time high of $659.3 million achieved in March, the first month of legal wagering in the state.
Of the total bets placed in November, $638.7 million came from real-money wagers, while $19 million were attributed to promotional credits offered by operators. This marks a significant increase compared to October, when real-money bets amounted to $589 million. The upward trend reflects a robust betting market bolstered by overlapping college basketball and football seasons.
November’s gross gaming revenue (GGR) in North Carolina reached a record $78.1 million, surpassing the $70.1 million recorded in September. This impressive figure represents the second-highest monthly GGR since mobile wagering was introduced.
Tax Revenue Boost and Market Performance
The state collected $14.1 million in taxes from the November handle, calculated based on North Carolina’s 18% tax rate on GGR. Since March, the state has amassed $98.6 million in tax revenue from online sports betting. A portion of this income is allocated to support athletic programs across 13 public universities in North Carolina.
In comparison to similarly sized states, North Carolina’s sports betting market is holding its own. With a population of approximately 10.8 million, North Carolina has been competitive with Michigan, which has around 10 million residents. In October, North Carolina reported a handle of $612 million, surpassing Michigan’s $560.4 million handle for the same period.
The Tar Heel State’s total wagers since March have exceeded $4.7 billion, including $434.3 million in promotional play. Notably, the peak of promotional wagers occurred in March at $202.6 million and has steadily declined to $37 million or less monthly since June.
Operator Insights and Industry Trends
The North Carolina sports betting market currently supports eight online sportsbooks: FanDuel, DraftKings, BetMGM, Caesars, Fanatics Sportsbook, ESPN BET, bet365, and Underdog. In November, these operators collectively distributed $19 million in promotional credits, the lowest since the start of football season in September.
November’s results were a marked improvement from October, a month characterized by bettor-friendly outcomes due to NFL favorites. Revenue in November climbed 60.4% month-over-month, buoyed by high volumes and the start of the college basketball season.
Despite promotional credits and $2.7 million in canceled bets, bettors walked away with $576.8 million in winnings, making it the second-highest payout month since March. Operators reported an 11.8% hold, up nearly four percentage points from October and the second double-digit win rate in four months.
Growing Momentum in Sports Betting
North Carolina’s sports betting industry continues to grow at a steady pace, with November’s performance further cementing its position as a competitive market. While in-person sports betting and pari-mutuel wagering have yet to launch, the state’s online platforms have demonstrated their ability to attract and retain bettors.
As the market matures, stakeholders will closely monitor trends in handle, revenue, and tax contributions to ensure the sustainable growth of this thriving industry.
Source:
“North Carolina has second-best wagering handle month since launch”, author: Jill R. Dorson, igamingbusiness.com , December 9 2024.