Total wagers reach $2 billion since launch

North Carolina sports betting handle drops to $398.2 million in June

Reading time 1:22 min

North Carolina's sports betting handle reached $398.2 million in June, marking the lowest monthly total since the state's legalization of mobile wagering in March. Despite this decline, total wagers since the March 11 launch have nearly reached $2 billion.

June's decrease in betting activity was anticipated, given the absence of major college or NFL football games and most basketball events. The online sports betting handle for June was $381.8 million, down from $494.6 million in May and $456.7 million in March. 

The eight licensed operators in the state — bet365, BetMGM, Caesars, DraftKings, ESPN Bet, FanDuel, Underdog, and Fanatics — collected over $40 million in gross gaming revenue for June, pushing the total gross revenue to over $275 million since the launch. The gross wagering revenue for June of $40.3 million was a decrease from $63 million in May. Promotional revenue also saw a low, reaching $16.4 million.

Operators in North Carolina are subject to an 18% tax on gross wagering revenue. The state collected over $49.5 million in taxes for the fiscal year ending June 30, surpassing the revenue projections made by lawmakers. The new fiscal year began on July 1.

During this year's legislative session, proposed changes to how tax revenue is distributed were not agreed upon. Current law prohibits the deduction of losses from sports betting winnings for tax purposes. The collected tax revenue supports education, problem gambling initiatives, youth engagement, and events. 

The Department of Health and Human Services receives $2 million annually for problem gambling resources and treatment programs, while North Carolina Amateur Sports gets $1 million each year. Thirteen state universities receive up to $300,000 annually, and the North Carolina Youth Outdoor Engagement Commission is allocated $1 million each year. The remaining proceeds are directed to the state's General Fund and the Major Events, Games, and Attractions Fund.

Since the legalization of mobile sports betting, North Carolinians have wagered $1.9 billion, generating $275.1 million in gross wagering revenue, with $1.94 billion paid out to players. The state continues to develop its regulated sports betting market, adjusting to fluctuations in the sports calendar and economic impacts.

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