North Carolina’s sports betting handle fell for the fourth consecutive month in July, although operators in the state saw an increase in revenue due to a stronger hold. The total handle for July was $340.4 million, marking a 14.5% decrease from June and the lowest monthly total since the state legalized online sports betting in March.
July is traditionally a slow month for sports betting in the U.S., with fewer major U.S. events taking place. While Major League Baseball (MLB) was in season, North Carolina lacks a team in the league, contributing to the lower handle.
The month still saw some significant international sporting events: Wimbledon, which ran from July 1 to 14; the Copa América, which concluded on July 14 with matches held at the Bank of America Stadium in Charlotte; and the Olympics, which began at the end of the month.
During July, bettors in North Carolina placed wagers totaling $328 million with operators in the state, who distributed an additional $12.4 million in promotional credits. Players won $295.4 million, while $2.8 million in bets were voided or canceled, according to data from the North Carolina State Lottery Commission.
Despite the decline in handle, operators managed to grow their revenue thanks to an improved hold of 12.9%, resulting in gross wagering revenue of $42.2 million—up 4.7% from $40.3 million in June. This increase in revenue led to estimated tax proceeds of $7.6 million for the state, based on the 18% tax levied on gross wagering revenue.
July marked the beginning of a new financial year for North Carolina’s regulated sports betting market, which launched in March. Since its inception, players have wagered a total of $2.57 billion, with gross revenue reaching $317.4 million over the first four and a half months.
The most successful month for the market so far remains March, driven by the NBA season and college basketball tournaments, when players wagered $659.3 million. However, a significant portion of that—$202.6 million—was distributed as promotional credits. April stands out as the best month for operators in terms of revenue, with $105.3 million, the only month where revenue surpassed the $100 million mark.
The North Carolina State Lottery Commission, which regulates sports wagering in the state, highlighted that tax proceeds from sports betting are allocated according to state law. The revenue supports various initiatives, including gambling addiction education, youth sports, collegiate athletic departments, and the state’s General Fund.
Original article: https://www.yogonet.com/international/noticias/2024/08/13/75218-north-carolina-sports-betting-handle-declines-for-fourth-straight-month-revenue-increases
