North Carolina Sportsbooks See Slowest Month in July
North Carolina has reported a 14.5% month-on-month decline in its July sports betting handle to $340.4 million.
Thanks to a 12.9% hold, operators saw gross revenue jump by 4.7% to $42.2m month-on-month. (Source: Andres Nino, Pexels)
LISTEN TO THIS ARTICLE:July marks the fourth month in a row the state would experience a drop in its betting volume. The total also marks the lowest monthly figure since legal online sports betting debuted in North Carolina in March.
Of the total handle, $328 million were actual player wagers, while the remaining $12.4 million were handed out by operators as promotional credits. Bets amounting to $2.8 million were voided or canceled.
Due to an improved hold of 12.9%, operators paid out $295.4 million to players as winnings, leaving them with a gross wagering revenue of $42.2 million, up 4.7% from June’s $40.3 million.
Based on an 18% tax rate on gross gaming revenue, North Carolina received $7.6 million in tax revenue in July.
Since North Carolina opened its market in March, players in the state have wagered a total of $2.57 billion. In the four and a half months, gross revenue amounted to $317.4 million.
The Tar Heel State’s July wagering numbers align with the trend observed in other states, which also saw a drop in wagering activity during the month.
More Finance News
July’s Sports Betting Dips across States
July is generally considered a slow period in the US sports betting calendar due to the limited sports schedule. This particular year’s calendar only featured three major events: Wimbledon (July 1 - 14), the Copa América final on July 14, and the start of the Olympics towards the end of the month.
Although the MLB season is in full swing, North Carolina doesn’t have a local team in the league, which might have contributed to the state’s reduced handle in July.
However, during the month, operators in several states found a saving grace in the form of a stronger hold percentage that allowed them to record positive revenues despite the lower handles. This was evident in states like New York, Maryland, and Indiana.
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