North Carolina Sports Betting Sees First Single-Digit Hold in August
According to a report from the North Carolina Education Lottery, the state’s eight operators took $370.5 million in bets for the month, with a win rate of 9.1%.
Operators Report Declining Hold Rates
This represents a notable drop from July, when operators reported a 12.4% hold on $340.4 million in bets, marking the second-highest hold in the six months since the state began offering online sports betting.
Despite the increased betting volume in August, the lower hold rate resulted in reduced tax revenue for the state. Operators paid $6.1 million in taxes in August, down from $7.6 million in July.
Revenue Breakdown and Promotional Play Impact
In August, North Carolina’s gross wagering revenue—the total handle minus winnings—amounted to $33.75 million. However, this figure was impacted by significant deductions.
Operators reported $13.6 million in promotional play and an additional $3 million in cancelled or voided bets. Gross wagering revenue is calculated before these deductions, as well as any fees or taxes, underscoring the importance of promotional play in shaping the overall financial results.
The decline in the hold rate in August, coupled with these deductions, highlights the challenges operators face in maintaining profitability while offering competitive promotions to attract and retain bettors.
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