North Carolina operators in August record lowest hold since launch

Operators paid a total of $6.1m (£4.7m/€5.5m) to the state in taxes, according to the report released on Monday (9 September) by the North Carolina Education Lottery.

North Carolina operators took less money in bets – $340.4m – in July, but had a 12.4% hold, the second-highest in six months since launch. In July, operators paid the state $7.6m in taxes. North Carolina charges online operators an 18% tax on digital sports betting.

In August, the gross wagering revenue was $33,751,015. NC law defines gross wagering revenue as handle minus winnings. Gross wagering revenue is derived before deductions for expenses, fees or taxes. According to the report, North Carolina operators had $13.6m in promotional play and cancelled or voided $3m in bets.

Nearly $3bn in bets in first six months

In the first six months since launch, state operators took $2.9bn in wagers. Comparatively, between January and June 201 Michigan operators took about $1.6bn in their first six months of live online betting.

Michigan’s population is about 10.1 million compared to North Carolina’s 10.8 million. Michigan launched with 11 digital platforms and had 13 by the sixth month. North Carolina launched eight platforms and has not added more.

This month will be North Carolina’s first during football season. The state has one NFL team, the Carolina Panthers, and four college football teams that play in a power conference. Operators, however, got off to a strong start in March and April when UNC, NC State and Duke qualified for the NCAA men’s basketball tournament. NC State unexpectedly advanced to the Final Four.

Original Article