A few months after the onset of legal online sports betting in North Carolina, FanDuel is dominating the market.
This was among Eilers & Krejcik Gaming‘s findings based on data collected from the state’s sportsbooks, which provided a snapshot of its performance in North Carolina.
The North Carolina Lottery Commission does not publicize the handle for each sportsbook. However, EKG’s market analysis provides estimated market share figures to fill this gap.
Key insights from EKG’s analysis
Currently, eight online sportsbooks operate in the state, along with three retail locations at tribal casinos. The Eastern Band of Cherokee Indians owns two brick-and-mortar sportsbooks, which operate under the Caesars Entertainment brand Harrah’s. The Catawba Nation operates the temporary Two Kings Casino in Kings Mountain.
FanDuel
EKG’s data revealed that FanDuel NC has held around 50% of the market share since sports betting launched in North Carolina in early March. Backed by the multinational gambling company Flutter, the company claims it “won the state, based on our data,” according to EKG.
DraftKings
DraftKings NC’s second-place position at 28% reflects its standing in market share countrywide. However, the two top operators are neck and neck nationally, with FanDuel at 35% and DraftKings right behind with 32% of the market share.
Caesars
In third-place (7%), Caesars Sportsbook NC’s position is “noteworthy,” according to EKG. “Caesars has previously highlighted its strong performance in the state thanks to its land-based presence and history with the Harrah’s Cherokee Casino resort,” the report said.
Other operators
- BetMGM NC and Bet365 are trending similarly, with a 5% to 6% share each. According to a YouGov study, Bet365 is the most popular sportsbook among young adults in the US, those between 21 and 34.
- ESPN Bet follows at 3%.
- Fanatics is holding at 1.5%.
- Underdog has less than 1% market share. The daily fantasy sports operator is “coming from a standing start” with a brand-new online sports betting product, EKG reported.
Overall sports betting numbers
Between March 11 and the end of May, the state’s gross wagering revenue came in at $234.8 million, with nearly $42.3 million collected in taxes.
The June sports betting revenue report is expected to be released early this month. The state taxes each operator at 18% of gross wagering revenue.
| Month/Year | Paid Wagering Revenue | Promo Wagering Revenue | Total Wagering Revenue | Cancelled/Void Wagers | Amount Paid as Winnings | 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 | $11,969,318 |
| April 2024 | $569,283,605 | $79,650,621 | $648,934,226 | $5,280,581 | $538,401,972 | $105,251,672 | $18,945,301 |
| May 2024 | $494,602,507 | $30,946,064 | $525,548,571 | $3,800,589 | $458,667,635 | $63,080,347 | $11,354,462 |
| TOTALS | $1,520,588,744 | $313,202,594 | $1,833,791,338 | $11,143,195 | $1,587,819,910 | $234,828,232 | $42,269,081 |
*Totals from March 11-31, 2024
Image Credit: Matt York / AP Images
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