North Carolina Sports Betting Market Booms in September 2024

NFL season. The North Carolina Lottery Commission revealed that the state’s online sports betting handle for the month reached $575.4 million. This figure, the third-highest since the market’s launch in March 2024, trailed only behind the totals recorded in March and April.

A Major Boost from Football Season

After a relatively quiet summer, betting volumes surged in September, with handle increasing by about 55% compared to August. With football season kicking off, it was expected that sports betting activity would see a sharp rise. September marked the second-best month for North Carolina’s online sports betting market in of gross revenue, as operators generated $70.1 million. This figure was more than double August’s total of $33.8 million and nearly equaled the combined revenue of both July and August, which amounted to $76 million.

Sportsbook operators held a 13.0% margin for the month, making it the second-highest hold rate since April, which saw an even more significant margin of 16.2%. Despite aggressive promotional campaigns designed to attract new s at the beginning of the football season, North Carolina’s tax revenue from sports betting doubled month over month, suring $12 million.

North Carolina’s sports betting market has consistently exceeded expectations since it went live earlier this year. When the state first legalized sports betting, legislators projected an 18% tax rate would yield around $8.5 million in tax revenue for fiscal year 2024. However, between March and June 2024 alone, the state collected a staggering $49.5 million in tax revenue.

For fiscal year 2025, estimates were set at $53 million, but within the first three months of the year, the state has already accumulated approximately half of that total. With the high level of interest from bettors, North Carolina is on track to sur the initial projections well before the fiscal year concludes.

Continued Momentum with Key Sports Seasons

September’s impressive numbers highlight the state’s growing sports betting market, particularly as bettors were drawn to the start of college and professional football. September’s total handle reached $538.4 million, which marked a significant increase of $180 million from August. Furthermore, gross gaming revenue for the month saw a dramatic rise, reaching $70.6 million—more than double the $33.8 million reported in August.

Tax revenue from September’s betting activity came in at $12.6 million, the second-highest total recorded since April’s $18.9 million. With an 18% tax rate applied to gross gaming revenue, the state continues to collect significant sums from legal sports betting.

North Carolina is now entering what is traditionally the most lucrative period of the sports betting calendar. As fall sports like football, baseball playoffs, and the NBA season pick up steam, the state is well-positioned to see continued growth. In fact, September’s numbers suggest that the state’s sports betting market is maturing even faster than initially anticipated.

With the next few months still packed with major sports events such as the Super Bowl and NCAA March Madness, North Carolina’s sports betting market is expected to continue its upward trajectory. Bettors in the state have already wagered a total of over $3.5 billion since the market launched in March, and this number is only set to rise as more players become involved.

Licensed Operators Continue to Thrive

North Carolina’s sports betting market is ed by a wide array of major operators, including bet365, BetMGM, Caesars, DraftKings, ESPN Bet, FanDuel, Fanatics, and Underdog. While the North Carolina Lottery Commission does not provide individual performance data for these operators, their collective success has been evident in the strong overall market figures.

Since the launch of online sports betting in North Carolina, these operators have taken in a combined total of $3.5 billion in wagers. The promotional bets paid out have played a crucial role in attracting new s to these platforms, contributing to the impressive growth of the market in a relatively short time.

As United States. The state has consistently exceeded financial projections and has positioned itself to continue this trend as major sporting events unfold in the coming months.

Source:

”North Carolina bounces back in September as sports betting handle and revenue rise”, igamingbusiness.com, October 09. 2024.