Sports betting handle in North Carolina fell for the fourth consecutive month in July, although revenue increased for operators in the Tar Heel state thanks to an improved hold.
Total handle for July was $340.4m (£266.6m/€311.4m), down 14.5% from June. It is also the lowest monthly total since North Carolina launched legal online sports betting in March.
July is traditionally a quieter month in the US sports betting calendar and, while the MLB season is underway, North Carolina doesn’t have a team in the league.
There were only three major sporting events taking place in July. Wimbledon from 1-14 July, and the Copa América concluded on 14 July – with matches played at the Bank of America Stadium in Charlotte, North Carolina – and the Olympics started at the tail end of the month.
Stronger hold grows North Carolina sports betting revenue
During the month players wagered $328m with North Carolina sports betting operators, who handed out a further $12.4m in promotional credits. Players won $295.4m, according to the North Carolina State Lottery Commission, while $2.8m of bets were voided or cancelled.
In states such as Maryland, Indiana and New York, operators have grown revenue as a stronger hold offsets lower handle. This was also the case in North Carolina, where an improved hold of 12.9% resulted in gross wagering revenue of $42.2m, an increase of 4.7% from $40.3m in June.
From the 18% tax on gross revenue, North Carolina generated estimated tax proceeds of $7.6m in July.
How is North Carolina’s sports betting market performing?
July, the fourth full month of regulated betting, marked the start of a new financial year for North Carolina. Since the state launched its market back in March, players have spent a total of $2.57bn.
In terms of gross revenue for the first four and a half months of sports betting, this reached $317.4m.
The launch month of March – when the NBA season was under way and college basketball tournaments were playing out – remains the most successful month to date in North Carolina. The month saw players bet $659.3m, although $202.6m of this was promotional credits.
April was the best month for operators in terms of revenue with a $105.3m total. This is the only month so far where revenue has surpassed the $100m mark.
Indiana operators record 11.1% hold
In Indiana, operators kept their double-digit hold streak alive for a third consecutive month. Operators combined for 11.1% hold, according to the Indiana Gaming Commission’s July revenue report. Handle was down to $261m from $298m in June. Against July 2023, handle was up $58m.
Because of the high hold, operators reported adjusted gaming revenue of $29m, slightly down from June. Sportsbooks paid the state $2.8m in tax revenue. The most bet on sport was baseball, on which bettors laid down $73m in wagers, though parlays and “other” bets accounted for more than $156m of handle.
DraftKings won the state taking $94m in wagers with FanDuel second at $78m.
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