North Carolina Legal Sports Betting Industry Carries Momentum Into April

A very good 20-day March start for North Carolina sports betting has translated into what was a very good April for Tar Heel State providers.

Although April’s handle is down from March, after North Carolina launched its legal sports wagering handle March 11, the continued betting activity last month has to be viewed as an extremely positive sign for the overall state scene.

According to the North Carolina Lottery Commission report released Friday, wagering activity in the state remained strong in April, despite a pared-down menu of high-profile sporting activities. 

It all led to staggering monthly revenues for North Carolina sports betting apps and the third-best wagering total of all states that have reported their April sports betting figures so far.

$648.9 million April handle for North Carolina

The North Carolina best sports betting sites scene continued to be strong in April - the first full month that residents in the Tar Heel State were able to access North Carolina's best sports betting apps. A total of $648.9 million in wagers were accepted in the state, which checked in as the third-highest total of any state that has reported their April revenue figures thus far. Only New York sports betting and New Jersey sports betting topped what North Carolina did last month.

$648.9 million is a drop from March, when there was only 20 days of betting activity after the March 11 launch of North Carolina sports betting sites. Through the first three weeks of legalization, North Carolina’s best sportsbooks took in a combined $660 million in wagers.

April’s figures took the year-to-date, less than two-full-month total handle to just over $1.308 billion for America’s newest legal sports betting jurisdiction.

Revenues even more impressive

While overall wagering activity in the Tar Heel State was impressive, so too was the revenues generated, thanks to a ridiculously high hold rate and the subsequent tax contributions for needy state and local coffers.

Eight North Carolina sports betting apps combined for $105.25 million in gross gaming revenue in April off an incredible 16.5% hold, which more than doubles the average state win rate of about 8% seen in the broad American legal sports betting industry.

The state lottery commission doesn’t break down figures for individual sportsbook monthly performance but it is almost assured that all providers had a good month of April. Those providers include:

• bet365 North Carolina
• BetMGM North Carolina
• Caesars North Carolina
• DraftKings NC
• Fanatics Betting and Gaming in partnership with the Carolina Hurricanes
• FanDuel North Carolina
• PENN Sports Interactive
• Underdog Sports in partnership with McConnell Golf

$105.25 million is up from the 21-day March sports betting period in which nearly $66.5 million in gross gaming revenue was reported. It puts North Carolina’s 50-day revenue total at an incredible $171.7 million.

Thanks to an 18% tax rate on gross gaming revenue in the state, $18.9 million was paid by North Carolina sports betting sites to needy state and local tax coffers. That figure took the nearly two month total tax contribution to almost $30 million.

In the end…

The Tar Heel State’s legal sports betting launch has been a resounding success in terms of handle, revenues, North Carolina sportsbook win rate, and tax revenue.

North Carolina was able to leapfrog a few established top sports betting states in April, including Massachusetts sports betting and Maryland sports betting, whose markets are comparable to North Carolina.

Will we see continued growth in the North Carolina market? Likely not as the traditional spring and summer sports betting slowdown around the country is upon us. That said, there is no taking away from the amazing accomplishments of North Carolina sports betting apps since launch on March 11.