North Carolina Sports Betting Handle Reaches $657.7M in November
December 11, 2024 Marija D
North Carolina sportsbooks handled an impressive $657.7 million in bets during November, marking the second-largest monthly total since sports betting launched in March. The only month suring this figure was March, when the state debuted wagering with a record-setting $693.3 million handle. November’s total included $638.7 million in real-money bets and $19 million in promotional play, illustrating the growing engagement among bettors.
In comparison, the March launch saw $456.7 million in real-money wagers and $202.6 million allocated to promotional play. The substantial November performance indicates consistent growth in the state’s betting activity, bolstered by reduced reliance on promotional incentives.
Record Revenue Boosts State Tax Collections
Sportsbook operators in North Carolina achieved record-breaking revenue of $78.1 million in November, a significant increase from the previous high of $70.1 million in September. This surge in gross gaming revenue (GGR) translated to $14.1 million in taxes paid to the state, as wagering companies are taxed at 18% of GGR.
Since betting began, the North Carolina market has consistently outperformed expectations. In the first nine months, bettors placed wagers totaling $4.4 billion, alongside $434.3 million in promotional play. While promotional play peaked in March, it has remained below $37 million per month since June, reflecting a shift toward more sustainable growth.
North Carolina’s betting market, with a population of approximately 10.8 million, has shown strong performance compared to states of similar size. For instance, Michigan, with a slightly smaller population of 10 million, reported a handle of $560.4 million in October, while North Carolina’s handle October reached $612 million.
The November data for Michigan is not yet available, but North Carolina’s continued growth places it among the top-performing states in the industry. This trend demonstrates the competitive potential of North Carolina’s betting market, even as it continues to develop.
The November handle represents a 7.5% increase over October’s total and reflects a 60.5% month-over-month jump in revenue. This significant rise is partially due to favorable outcomes for sportsbooks in November, a contrast to October when bettor-friendly results, particularly in NFL games, reduced operator revenues.
November also marked the highest handle and revenue figures for the 2025 fiscal year, which began in July. With nearly $272.3 million in revenue generated in just five months, the state’s sports betting sector continues to exceed early projections suggesting the market could reach $1 billion annually.
Steady Market Momentum
The North Carolina Lottery Commission’s report shows that the market is steadily maturing. While the commission does not disclose revenue details by operator or sport, it highlights the activity of eight licensed platforms. Despite being a relatively new market, North Carolina has quickly established itself as a competitive player in the sports betting industry, ed by a growing number of engaged bettors and increasing revenue.
Source:
”North Carolina has second-best wagering handle month since launch”, igamingbusiness.com, December 09, 2024.
North Carolina’s sports betting market is growing impressively! The record revenue in November and the comparison with Michigan show just how competitive the state has become. It’s interesting to see how the reduced reliance on promotional play is contributing to more sustainable growth. Looking forward to seeing if it hits that $1 billion projection!