In the first year with Super Bowl wagering, North Carolina's eight online sportsbooks generated a February handle of $543.4 million, a 16% decrease from the $646.9 million recorded in a busy sports January.
February’s amount wagered ranks as the fifth-lowest since betting launched in March 2024, and it’s the third-largest month-over-month handle decrease. Aside from the Super Bowl, sportsbooks had to rely on college basketball, the NBA, and the NHL to carry the betting for much of the month.
The North Carolina State Lottery Commission reported that operators produced $55.7 million in gross revenue, 25% less than the previous month. It’s the first time profits went over $50 million in back-to-back months since it happened during first three months of wagering last year.
The Tar Heel State filled its coffers with an estimated $10 million in tax revenue, down more than $3 million from January.
| N.C. Sports Betting | Handle | Revenue | Tax (estimated) |
|---|---|---|---|
| February | $543,402,737 | $55,658,912 | $10,018,604 |
Lower winnings
Despite the smaller handle, sportsbooks still enjoyed a 10.2% hold, down from January’s 11.5% win rate but seventh highest in N.C.’s 12-month history. Bettors took home $485.2 million in winnings, the lowest monthly total since the state’s first football season began in September.
Sports betting operators lowered their promotional spending from $23.6 million in January to $17.4 million in February. Canceled and voided wagers fell from $3.9 million to $2.5 million as well.
First year in the books
February was the last month before North Carolina revenue reports could be compared year over year.
Although sports betting didn’t begin until the second week of March 2024, it still holds the record for the month with the highest handle ($659.3 million). In a state where college basketball is tremendously popular, conference and NCAA tournaments should once again produce big wagering numbers.
Over the last 12 months, North Carolina has generated $6.6 billion in wagers and $123 million in tax revenue. FanDuel, DraftKings, BetMGM, ESPN BET, Caesars, bet365, Fanatics Sportsbook, and Underdog Sports have combined to haul in more than $700 million in gross revenue since North Carolina sports betting launched.
