North Carolina Legal Sports Betting Industry Carries Momentum Into April
The successful launch of North Carolina sports betting in March led to a strong April for providers in the Tar Heel State.
Despite April’s handle being lower than March’s, the introduction of legal sports wagering in North Carolina on March 11 has resulted in continued betting activity last month, indicating a positive trend for the state’s overall gambling scene.
The North Carolina Lottery Commission report released on Friday showed that betting activity in the state stayed robust in April, even with fewer prominent sporting events available.
This resulted in North Carolina sports betting apps achieving impressive monthly revenues and ranking third in total wagering among states that have released their April sports betting data.
$648.9 million April handle for North Carolina
In April, North Carolina’s sports betting industry remained robust as residents had full access to the best sports betting apps in the state for the first time. With a total of $648.9 million in wagers accepted, North Carolina ranked as the third-highest in total revenue among states that reported their April figures. Only New York and New Jersey surpassed North Carolina’s sports betting numbers for the month.
After launching North Carolina sports betting sites on March 11, there were only 20 days of betting activity, resulting in $648.9 million in wagers. In the first three weeks of legalization, the state’s top sportsbooks collectively received $660 million in bets.
April’s numbers brought the year-to-date total handle for America’s newest legal sports betting jurisdiction to just over $1.308 billion, despite less than two full months of operation.
Revenues even more impressive
The Tar Heel State saw impressive wagering activity, resulting in high revenues thanks to a remarkably high hold rate. This led to significant tax contributions for state and local needs.
In April, the eight sports betting apps in North Carolina generated a total of $105.25 million in gross gaming revenue, boasting an impressive 16.5% hold. This rate is more than twice the average win rate of around 8% typically seen in the legal sports betting industry in the United States.
The state lottery commission does not provide specific details on the monthly performance of individual sportsbooks, but it is highly likely that all providers had a successful month in April. These providers include:
- bet365 North Carolina
- BetMGM North Carolina
- Caesars North Carolina
- DraftKings NC
- Fanatics Betting and Gaming in partnership with the Carolina Hurricanes
- FanDuel North Carolina
- PENN Sports Interactive
- Underdog Sports in partnership with McConnell Golf
North Carolina’s sports betting revenue for the 50-day period has increased to $105.25 million, up from the previous 21-day March period where nearly $66.5 million was reported. This brings the total revenue for North Carolina to an impressive $171.7 million.
Due to an 18% tax rate on gross gaming revenue in the state, North Carolina sports betting sites contributed $18.9 million to state and local tax coffers, bringing the total tax contribution to nearly $30 million over two months.
In the end…
The introduction of legal sports betting in North Carolina has been overwhelmingly successful, with high levels of handle, revenue, sportsbook win rate, and tax income.
In April, North Carolina surpassed some well-established top sports betting states such as Massachusetts and Maryland, which have markets similar to North Carolina’s.
It is unlikely that we will see continued growth in the North Carolina market due to the traditional spring and summer sports betting slowdown nationwide. However, the impressive achievements of North Carolina sports betting apps since their launch on March 11 cannot be ignored.
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