North Carolina’s sports betting operators produced their lowest win rate in October since online wagering went live in March.
The North Carolina State Lottery Commission reported on Tuesday that the eight mobile sportsbooks hauled in $48.7 million in gross revenue from a $612 million handle. Revenue fell a whopping 70.1% month-over-month while the amount wagered went up 6.4%.
The 8% hold followed a successful bettor trend across the U.S. in October and proved costly for operators as the amount generated was the third-best this year. Minus promotional wagering spent by sportsbooks, North Carolinians spent $589.1 million on online wagering, the most ever in the state.
The previous win-rate low was August’s 9.1% while October’s hold was down significantly from September’s 12.2%. It’s only the second time in eight months that the hold fell below double digits.
The Tar Heel State filled its coffers with an estimated $8.8 million, down from the $12.6 million haul in September.
| N.C. Sports Betting | Handle | Revenue | Tax (estimated) |
|---|---|---|---|
| October | $612 million | $48.6 million | $8.7 million |
Bad run for operators
The disappointing October for sportsbooks stagnated revenue growth during a time when college football and the NFL dominate the North Carolina sports betting landscape. Pro football was big for the bettors as favorites went on a staggering run that a pair of gaming CEOs called the worst ever for the house.
The $560.6 million paid out by sports betting operators was the second most in a single month behind the $590.8 million won by bettors in March, which only had about three weeks of wagering.
That month, sportsbooks spent more than $202 million on promotional bets. In October, operators only gave away $23 million in free wagers, down 37.8% from September. Sportsbooks claimed $2.74 million in canceled/voided bets, the second lowest all-time.
Since March, FanDuel, DraftKings, BetMGM, Caesars, Fanatics, bet365, ESPN BET, and Underdog Sportsbook have combined to generate $3.7 billion in handle and produce $430 million in revenue.
Pari-mutuel update
The North Carolina State Lottery Commission also announced on Tuesday that it has made revisions to the pari-mutuel rules package introduced in September. As the commission continues to prepare for horse racing and advanced deposit wagering, public comments on the revised version will be accepted until Nov. 27.
The public can make those via a webform at NCGaming.gov. The commission will also hold an in-person public hearing to accept comments on Nov. 18 at 9 a.m.
There is no specified date or timeline for when pari-mutuel wagering is set to launch.
