North Carolina Sports Betting Reaches Historic High in March – iGaming Post
North Carolina
In March 2024, North Carolina’s sports betting market achieved a significant milestone, boasting a staggering handle of $685 million. This remarkable figure not only sets a new state record but also represents a healthy increase from previous months, underscoring the state’s progressive approach to sports wagering. However, this surge in betting activity stands in contrast to a notable decline in revenue, which experienced a drop for the second consecutive month.
The impressive total handle of $685 million marks a 3.9% increase compared to the previous record of $659.3 million, established in March 2023. This uptick in betting volume aligns with the launch of legal online sports betting in North Carolina, a transformative event for the state’s gambling ecosystem.
Key Statistics
- Total Handle: $685 million
- Previous Record: $659.3 million (March 2023)
- Monthly Increase: 30.2% from February 2024 ($526 million)
According to the North Carolina State Lottery Commission’s latest report, a majority of the total bets—approximately $667.1 million—were classified as “paid wagering revenue,” while the remaining $17.9 million stemmed from promotional activities aimed at attracting new players.
Despite the exceptional handle, the revenue landscape tells a more challenging story. The reported gross wagering revenue for March reached only $38.1 million, marking a substantial decline of 42.7% compared to March 2023. Additionally, this figure signifies a 31.6% decrease from February 2024, categorizing it as one of the lowest monthly revenue figures in the state’s gambling history.
Factors Influencing Revenue Decline
Several key factors are likely contributing to this adverse trend in revenue:
- High Player Returns: Players reclaimed approximately $643.7 million from their wagers, indicating a notably high payout ratio that affects overall profitability.
- Voided Bets: The commission reported $3.2 million in voided and canceled bets, further exacerbating the revenue shortfall.
The hold rate for March settled at a low 5.78%, which reflects the percentage of total bets retained by sportsbooks after payouts. Furthermore, the state generated an estimated $6.9 million in tax revenue from sports betting, essential for funding public initiatives.
Currently, North Carolina’s sports betting framework comprises eight active online operators, including prominent players such as FanDuel, DraftKings, BetMGM, and Fanatics. This competitive landscape is anticipated to evolve as more operators enter the market and as consumer interest in legalized sports betting continues to grow.
In summary, while North Carolina’s sports betting market is witnessing unprecedented handle figures, the accompanying decrease in revenue raises pertinent questions about sustainability and market dynamics. Stakeholders will need to monitor these trends closely to adapt and strategize for ongoing success in this rapidly evolving industry.
