Handle and hold dip in North Carolina’s third full month of sports betting

In its fourth month of operation, North Carolina recorded $398m in mobile betting handle, the lowest amount since its launch in March.

According to the report released on Monday (8 July) by the North Carolina State Lottery Commission, revenue dipped almost 26% in the Tar Heel state between May and June. Such a dip isn’t unusual, as the US moves into a slower summer sports calendar. New York experienced a similar shift with amount wagered on mobile dropping 34% in June against May.

Bets made via promotions in North Carolina came in at $16.5m, while gross gaming revenue (GGR) hit $40.3m. Operators cannot deduct promotional play in North Carolina.

Operators maintained a 10% hold, which was 2% lower than in May. GGR is taxed at 18%.

Player winnings paid out in June totalled $354.7m, according to the report. Operators cancelled $3.2m in bets, or almost 1% of the state’s overall handle.

Since its launch, North Carolina has taken $2.2bn in handle and $275m in GGR.

Its biggest month so far was its opening in March. Bettors wagered $659m and operators took $66.5m in GGR. The opening-month high was bolstered in part by the launch and the NCAA men’s basketball tournament, during which NC State made a surprise run into the Final Four. Duke (Elite 8) and North Carolina (Round of 16) also qualified and advanced past the first two rounds of games.

FanDuel has early success in NC

In its Q1 earnings presentation in May, Flutter CEO Peter Jackson noted that North Carolina had quickly become one of the firm’s most successful state launches.

Flutter CFO Paul Edgecliffe-Johnson said at the time: “We’ve won the state, we’ve signed up one in 20 adults, but obviously it comes with a cost. Where there’s more business, that’s where you have the most promotional intensity.”

Bet365, BetMGM, Caesars Sportsbook, DraftKings, ESPN Bet, Fanatics, and FanDuel are all live in the market. By law, operators must be partnered with a professional sports team, NASCAR, or the PGA Tour.

Original Article