North Carolina betting handle hits record $685 million in March

North Carolina’s Sports Betting Handle Reaches New Heights Amid Mixed Revenue Trends

In March 2024, North Carolina witnessed an unprecedented surge in its monthly sports betting handle, reaching a remarkable $685 million (£536.2 million/€624.6 million). This figure marks a 3.9% increase over the previous record of $659.3 million set in March of last year. Notably, this milestone is significant as it represents the inaugural month of legal online sports betting in the state.

The state’s sportsbooks significantly outperformed the handle recorded in February of this year, which stood at $526 million, showcasing a substantial 30.2% growth, according to reports from the North Carolina State Lottery Commission.

Of the total wagered amount in March, $667.1 million was categorized as “paid wagering revenue,” while the remaining $17.9 million was classified as “promotional” revenue, highlighting the marketing strategies employed by bookmakers to attract new bettors.

Analyzing Revenue Declines: March Trends

Despite the soaring handle, the revenue generated from sports betting took a downturn once again in March, raising concerns among industry observers and analysts. The commission reported voided and cancelled bets totaling $3.2 million, coupled with payouts of $643.7 million to winners.

This left the gross wagering revenue at $38.1 million, a stark decrease of 42.7% compared to March of the previous year, and a 31.6% drop from February 2024. This places March 2024’s revenue among the lowest monthly figures recorded in North Carolina’s sports betting history, reflecting the volatility often associated with the gambling sector.

The monthly hold for sportsbooks was calculated at a modest 5.78%, leading to an estimated $6.9 million in collected taxes for the state, underscoring the fiscal implications of sports wagering legalization.

While the commission has opted not to disclose detailed operator performance statistics, it is crucial to note that eight online sportsbooks are currently operational in North Carolina, with major players such as FanDuel, DraftKings, BetMGM, and Fanatics taking a significant share of the market.

This balance of record handle and declining revenue highlights critical trends in the gambling sector, emphasizing the need for operators to adopt innovative marketing techniques and maximize customer engagement strategies. As the state continues to navigate the intricacies of legalized online sports betting, ongoing analysis will be essential to address fluctuations in both handle and revenue, ensuring a robust and sustainable sports betting ecosystem moving forward.