Online sports betting operators in North Carolina produced their lowest gross gaming revenue total since wagering went live in March.
The North Carolina State Lottery Commission reported that the eight mobile sportsbooks hauled in $33.75 million on a $370.5 million handle in August.
It was a disappointing month for operators as revenue fell 20% from July despite the amount wagered increasing by 8.8%. Even with MLB, the Olympics, preseason NFL games, and an early start to college football, August marked the third consecutive month with a handle under $400 million following three handles of more than $500 million.
| N.C. Sports Betting | Handle | Revenue | Tax (estimated) |
|---|---|---|---|
| August | $370,484,774 | $33,751,015 | $6,075,183 |
In the final month of summer, bettors won $333.7 million while sportsbooks spent $13.1 million on promotional bets, up from July’s $12.5 million. Voided and canceled wagers were up over $260,000 from the previous month to $3 million in August.
More first lows
July was an excellent month for operators nationally in terms of hold, so a drop in August wasn’t surprising. North Carolina sportsbooks’ hold fell from 12.4% to 9.1%.
That’s still a solid win rate, but it’s the first time the Tar Heel State’s not produced a double-digit hold.
North Carolina’s 18% tax rate produced an estimated $6.1 million, $1.5 million less than in July and the lowest monthly haul yet. More than $60 million, though, has filled the state’s coffers through the first six months of online wagering.
Bigger figures looming
The start of college football is a big boon for North Carolina sports betting, so higher handles and better holds are likely to come this fall. The tax revenue generated in a college-heavy state was a selling point to get online wagering passed through the legislature last year.
If the last month of basketball is any indicator, North Carolina could quickly return to nearly double the August handle in September, especially with the NFL also underway.
Through six months of online wagering, the Tar Heel State has generated $2.9 billion in bets and produced nearly $288.9 million on a hold of 9.96%.
