North Carolina Sees Strong Debut in First Month of Legal Sports Betting

This period coincided with the NCAA’s “March Madness,” providing a significant boost and demonstrating a strong interest in sports betting among residents.

Revenue and Taxes

The North Carolina State Lottery Commission’s report highlighted an impressive gross revenue of $66.5 million, reflecting a 10.1% hold percentage from the total bets placed.

After accounting for the 0.25% federal excise tax, the adjusted gross revenue stood at $64.8 million. The state’s coffers benefited from approximately $11.7 million in tax receipts, assuming all eight operators involved reported taxable adjusted gross revenue.

Promotions and Engagement

The eight mobile operators active in North Carolina actively engaged bettors with promotions and bonuses, dispersing a total of $202.6 million statewide.

These promotional activities represented just over 30% of the total betting handle. This level of promotional engagement underscores the strategies used by operators to attract and retain customers in a competitive market.

When compared to Ohio’s launch in January 2023, where operators handed out $320 million in credits and bonuses which represented 28.7% of the total $1.11 billion handle, North Carolina’s promotional spending was slightly higher relative to the total amount wagered.