North Carolina Experiences Dip in Sports Betting Handle in July
In North Carolina, the sports betting handle experienced a noticeable decline to $381.8 million in July, marking the lowest monthly total since the state legalized sports betting on March 11.
Operator Landscape and Revenue Trends
This reduction in betting volume is largely attributed to the seasonal sports calendar. With the NBA and NHL playoffs having concluded and only Major League Baseball in season, the options for sports betting were significantly limited.
This situation contrasts with May, where the handle peaked at $494.6 million, driven by high-stakes playoff games in multiple sports leagues.
The landscape of sports betting operators in North Carolina is diverse, featuring major names such as bet365, BetMGM, Caesars, DraftKings, ESPN Bet, FanDuel, and the newly introduced Underdog Fantasy and Fanatics.
Despite the variety of operators, the state reported a decline in gross wagering revenue to $40.3 million in June, down 36% from May. The peak of the market was observed in April, with a record handle of $648.9 million and gross revenue approaching $105.3 million.
Financial Contributions to State Programs
North Carolina imposes an 18% tax on gross wagering revenue from all licensed online sportsbooks.
The revenue generated from this tax is allocated to various statewide initiatives, including education, problem gambling programs, youth engagement activities, and supporting local events.
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