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BETTING

North Carolina Handle Soars in October

US-VOTE-POLITICS-HARRIS
North Carolina Governor Roy Cooper speaks during a Get Out the Vote rally in Raleigh, North Carolina, on October 30, 2024. Ryan M. Kelly / AFP

A record $612 million handle was realized in October at North Carolina’s mobile sportsbooks, the highest generated since mobile sports betting launched in March of this year.

October Surprise

Earlier this week the North Carolina State Lottery Commission announced that the state’s online sports betting platforms accepted over $612 million in wagers. It was the busiest month since mobile sports betting launched in the Tar Heel State on March 11th of this year. This was a whopping $66.6 million more than the previous month, but revenues plummeted nearly 70% to $48.6 million from September’s $70.1 million in gross sports betting revenue due to a lower hold or win rate.

The public got its revenge in October after the sportsbooks reported a paltry 8% hold compared to the 12.2% hold in September, accounting for the striking disparity in gross revenues despite a much higher handle in October. The previous low in North Carolina was a 9.1% hold in August, and it was only the second time since mobile sports betting launched in March that the win rate failed to hit double digits.

The low hold also took a toll on the state’s tax receipts. In September, the state’s tax coffers swelled by $12.6 million versus collecting only $8.7 million from North Carolina’s eight digital sportsbooks in October.

Exceeding Expectations

Since betting began eight months ago, sports betting operators including FanDuel, DraftKings, BetMGM, Caesars Sportsbook, Fanatics, Bet365, ESPN BET, and Underdog have reported $3.7 billion in handle, generating $430 million in revenue.

Before launching mobile sports betting, the state projected $36.1 million in sports betting tax revenue would be collected for Fiscal Year 2025. But the allure and popularity of sports betting were woefully underappreciated by the state government, as tax collections surpassed $62 million in the industry’s first six months alone.

North Carolina Governor Roy Cooper became a champion of the legalization of sports betting and signed the legislation in June 2023 to get the ball rolling.

“Let’s face it, sports wagering is already happening in our state. Surrounding states here and across the country are already taking advantage. In fact, today in Vermont, Gov. (Phil) Scott is signing similar legislation there. This legislation allows the state of North Carolina to regulate it and to put safeguards on it, as well as provide funding for helping people with problem gambling,” said Cooper at the time.

Retail sports betting has taken a backseat to its more popular mobile iteration. However, it is likely the brick-and-mortar locations will be opening up in the near future. Those already approved to take in-person sports betting will be found at the Charlotte Motor Speedway in Concord, Quail Hollow Golf Club in Charlotte, Bank of America Stadium and Spectrum Center in Charlotte, PNC Arena in Raleigh, WakeMed Soccer Park in Cary, North Wilkesboro Speedway, and Sedgefield Country Club in Greensboro.

Unlike mobile sports betting, there will be no uniform launch of the retail sportsbooks. However, the locations must be vetted before going live, and compliance issues must be verified.

Sterl Carpenter, deputy executive director of Gaming Compliance and Sports Betting, said during a recent meeting, “There is a great deal that goes into an opening of this space. It’s almost like a tiny casino.”

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