North Carolina Produces Lowest Sports Betting Revenue Since March Launch
The North Carolina Lottery State Commission reported $33.75 million in revenue on a $370.5 million handle in August.
The North Carolina Lottery State Commission reported $33.75 million in revenue on a $370.5 million handle in August.
Brad Senkiw • News Editor Sep 9, 2024 • 15:45 ET • 4 min readJuly was an excellent month for operators nationally in terms of hold, so a drop in August wasn’t surprising. North Carolina sportsbooks’ hold fell from 12.4% to 9.1%.
That’s still a solid win rate, but it’s the first time the Tar Heel State’s not produced a double-digit hold.
North Carolina’s 18% tax rate produced an estimated $6.1 million, $1.5 million less than in July and the lowest monthly haul yet. More than $60 million, though, has filled the state’s coffers through the first six months of online wagering.
Bigger figures looming
The start of college football is a big boon for North Carolina sports betting, so higher handles and better holds are likely to come this fall. The tax revenue generated in a college-heavy state was a selling point to get online wagering passed through the legislature last year.
If the last month of basketball is any indicator, North Carolina could quickly return to nearly double the August handle in September, especially with the NFL also underway.
Through six months of online wagering, the Tar Heel State has generated $2.9 billion in bets and produced nearly $288.9 million on a hold of 9.96%.
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