With no major sporting events in the state in June, North Carolina sports betting handle declined again last month after falling in May.
Total betting handle in June was $398.3 million, a drop of $127 million from May’s $525.5 million.
North Carolina online sportsbooks paid out $354.7 million last month compared to $458.6 million in May. Gross wagering revenue for the state’s eight licensed North Carolina sports betting operators totaled $40.3 million on 10.1% hold, compared to $63.1 million on 12% hold in May, a 36% drop.
NC sportsbooks still in the red since launch of sports betting in March
With the Paris Olympics set to begin on July 26, betting handle may see an uptick in July and August. As of now, the lull in sporting events post NHL and NBA playoffs is reflected in June’s numbers.
The North Carolina Lottery Commission does not break down handle for each of the state’s eight online sportsbooks, so official market share is unknown. However, according to recent estimates from Eilers & Krejcik Gaming, FanDuel and DraftKings dominate North Carolina sports betting. FanDuel has around 50% of the market share, and DraftKings holds approximately 28%. Caesars is in third at around 7%.
The overall totals for the first three months of NC sports betting look like this.
North Carolina Sports Betting March-June 2024
| Month/Year | Paid Wagering Revenue | Promo Wagering Revenue | Total Wagering Revenue | Cancelled/ Void Wagers | Amount Paid as Winnings | Gross Wagering Revenue | Adjusted Gross Wagering Revenue | Tax Yield (18%) |
|---|---|---|---|---|---|---|---|---|
| March 2024 | $456,702,602 | $202,605,909 | $659,308,541 | $2,062,025 | $590,750,303 | $66,496,213 | ($136,109,696) | $11,969,318 |
| April 2024 | $569,283,605 | $79,650,621 | $648,934,226 | $5,280,581 | $538,401,972 | $105,251,672 | $25,601,051 | $18,945,301 |
| May 2024 | $494,602,507 | $30,946,064 | $525,548,571 | $3,800,589 | $458,667,635 | $63,080,347 | $32,134,283 | $11,354,462 |
| June 2024 | $381,801,154 | $16,450,309 | $398,251,464 | $3,206,938 | $354,742,263 | $40,302,263 | $23,851,954 | $7,254,407 |
| TOTALS | $1,902,389,868 | $329,652,903 | $2,232,042,802 | $14,350,133 | $1,942,562,173 | $275,130,495 | ($54,522,408) | $49,523,488 |
- Paid Wagering Revenue – the amount of wagers made by players in North Carolina.
- Promo Wagering Revenue – the amount of promotional funds used by players in North Carolina.
- Total Wagering Revenue – the amount of paid wagers and promotional wagers made on mobile sports wagering in North Carolina.
- Amounts Paid as Winnings – the amount of winnings paid out to players in North Carolina.
- Gross Wagering Revenue – the total of amounts received by an interactive sports wagering operator from sports wagers as authorized under state law, less the amounts paid as winnings before any deductions for expenses, fees, or taxes.
We have included another metric, Adjusted Gross Wagering Revenue. This represents Gross Wagering Revenue minus the money operators spent on promotional credits. By removing promotional spending from the equation, we get only the revenue generated from user deposits, which is the actual revenue made by operators in a given month.
Red numbers in the AGR column indicate where operators generated less revenue than what they spent in promotional offers. From launch through June, North Carolina online sportsbooks as a whole are still in the red $54.5 million.
The amount of promo funds used by players has dropped dramatically since March, from $202.6 million in that first month to just $16.45 million in June. At this rate, and with a boost brought on by the Olympics, North Carolina online sportsbooks could break even by the start of the NFL season.
State collects over $7 million from sports betting in June
NC state law imposes an 18% tax on each online operator’s gross wagering revenue. In June, the state collected approximately $7.25 million in tax revenue. May’s tax yield was roughly $11.3 million, about $4 million more than in June.
Since legal sports betting launched on March 11, the state has collected nearly $49.5 million in taxes.
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