North Carolina September Betting Activity Sees Significant Uptick
North Carolina recorded its third-largest monthly sports betting handle in September.
North Carolina operators' September hold of 13.01% was the second all-time highest in the state.
LISTEN TO THIS ARTICLE:According to figures released by the North Carolina State Lottery Commission, total player wagers amounted to $575.4 million in September. The figure represents a 55.3% increase compared to the handle collected in August.
Of the total handle, $538.4 million were paid bets, while $37 million were placed in the form of promotional wagers. Cancelled and voided bets totalled $3.8 million, and $501.6 million were paid out in winnings to players.
Operators hold for the month was 13.01%, the second all-time highest percentage in the state. This resulted in a gross revenue of $70.1 million for September, a staggering 107.4% rise from August. Interestingly, it is also the second-highest monthly total since North Carolina launched its regulated sports betting market in March.
The state received $12.6 million as tax revenue during the month.
Through the seven months of legal betting, the Tar Heel State has received $3.52 billion in handle. 89% ($3.13 billion) were paid wagers, while 11% ($392.3 million) were promotional bets.
Revenue during the period reached $3.07 billion, at an average hold of 10.76%.
So far, March has remained the month with the highest handle at $659.3 million, while the state saw its highest revenue of $105.3 million in April.
North Carolina is home to several operators, including DraftKings, FanDuel, BetMGM, bet365, Fanatics, ESPN Bet, Caesars and Underdog. However, the commission does not release detailed performance metrics for specific operators.
More Finance News
Betting Boom Brings Unwanted Consequences
While North Carolina’s sports betting investment is generating steady returns, the state is also witnessing challenges associated with the gaming expansion.
Last month, the North Carolina Department of Health and Human Services (NCDHHS) reported a 79% yearly increase in problem gambling helpline calls. Breaking it down, the health department said the calls surged 34% after the state launched its legal sports betting market in March.
In July, the state launched a new Problem Gambling Program to provide accessible and data-driven therapy to North Carolina residents struggling with gambling disorders.
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