If online sports betting in North Carolina is going to go like this, Tar Heel State officials are going to wonder why they didn’t do this a long time ago.
The North Carolina Lottery Commission announced on Friday an April handle of $648.9 million, which currently ranks third nationally behind New York and New Jersey among U.S. states that have released April figures.
The eight online operators generated a whopping $105.25 million in revenue. The 16.5% hold is more than double the industry’s average win rate for sportsbooks and way up from the 10% in March.
All of those winnings produced an estimated $18.9 million in tax revenue for the Tar Heel State coffers in April. North Carolina has already hauled in around $30 million, although that could be adjusted by the Department of Revenue.
What a start
This was the first full month of sports wagering in North Carolina. Mobile betting launched on March 11 at noon.
The first 20 days led to a March total of $66.5 million of revenue on a handle of just under $660 million.
North Carolina regulators include promotional bets in the 18% tax rate for online sportsbooks. March produced $202 million in bonus bets. That number fell 60% mont-over-month to $79.7 million in promotions for April.
In the first 50-plus days of sports betting, the Tar Heel State has accepted $1.02 billion in wagers. Operators have produced $171.7 million in gross revenue. Bettors have been paid out more than $1.1 billion while $7.3 million in wagers have been canceled or voided from March 11-April 31.
The lottery commission does not release individual operator revenue. Sportsbooks in North Carolina include FanDuel, DraftKings, Caesars, BetMGM, ESPN BET, Fanatics Sportsbook, Underdog Sports, and bet365.
Other N.C. news
The Tar Heel State’s sports betting revenue is from online wagering only. Retail sports betting has yet to begin, and a lottery commission spokesperson told Covers last week that no operators have submitted the necessary paperwork to open an in-person location.
North Carolina doesn’t have iGaming either, although that could be approached by the lawmakers beginning in the 2025 legislative session.
A Tar Heel State House of Representatives filed a bill last week that seeks to prohibit college player props, complying with the NCAA’s request to help curb harassment.
