North Carolina reported $612 million in bets and $8.8 million in tax revenue from sports betting in October, according to a monthly report released by the North Carolina State Lottery Commission. The figure marks the third time the state’s monthly handle has surpassed $600 million since sports betting launched earlier this year.
Bettors placed $612,046,491 in wagers on sports events during October, which included both paid and promotional bets. Of that, $560,644,740 was returned to account holders as winnings, leaving $48,659,761 in gross wagering revenue. The state’s 18% tax on this revenue generated $8,758,757 for public funds.
October saw the first full month of the NFL season, which began in early September, but sportsbooks reported a decline in gross revenue compared to the previous month. Despite the handle increasing by $36.6 million from September, gross wagering revenue dropped by $21.4 million due to a lower hold rate.
The hold rate, calculated as the percentage of wagers sportsbooks retain after paying winnings, fell to 8% in October, the lowest since North Carolina legalized sports betting. This was a significant decrease from September’s hold rate of 12.2%. Throughout 2024, North Carolina operators have reported double-digit hold rates in six out of eight months, with April reaching a peak of 16.2%.
October’s results follow a challenging month for sportsbooks nationwide. Many operators reported tighter margins due to bettor-friendly outcomes, a trend reflected in North Carolina’s figures.
Since launching sports betting in March, North Carolina has maintained steady growth in betting activity. October’s handle was the third-highest recorded, with more than $600 million wagered. After accounting for $23 million in promotional play, the adjusted handle stood at $589.1 million, leaving $48.7 million in adjusted gross revenue (AGR).
Meanwhile, the North Carolina State Lottery Commission announced an extension to the public comment period on proposed rules for pari-mutuel wagering. Initially introduced in September, the rules have undergone revisions, and public input will now be accepted until November 27.
The commission will hold a public hearing on the matter on November 18. Interested individuals must register online to participate or submit written comments via email to [email protected].
Original article: https://www.yogonet.com/international/noticias/2024/11/15/85432-north-carolina-breaks-600m-handle-barrier-in-october-for-a-third-time-since-sports-betting-launch
