North Carolina’s debut month of online sports betting has exceeded expectations, with a handle of $659 million reported for March, surpassing the projected $594 million by the state’s Lottery Commission.
Regulators prioritized the launch of sports betting in time for March Madness after missing out on February’s Super Bowl, a decision that appears to have paid off.
The North Carolina Lottery Commission released its first revenue report for online wagering, revealing that the state’s eight sportsbook operators collectively generated $66.5 million in revenue from the $659.3 million handle. The impressive debut saw sports betting start with a double-digit hold of 10%.
During the initial three weeks, sportsbooks issued $202.6 million in promotional credits, primarily through sign-up bonuses. Bettors received payouts totaling $590.75 million, with just over $2 million in canceled or voided wagers.
North Carolina’s tax rate of 18% unofficially resulted in revenue of $11.9 million for the state, marking the first contribution to its coffers from sports betting.
Despite the commission’s initial release omitting revenue figures from individual operators FanDuel, DraftKings, Caesars, BetMGM, bet365, ESPN BET, Fanatics Sportsbook, and Underdog Sports, the overall success of the launch is evident.
The momentum of the first week, which accounted for 30% of the month’s total handle, continued throughout March, with college basketball’s popularity contributing significantly to the state’s strong start in sports betting.
Comparisons to Massachusetts’ initial online sports betting launch in March 2023 highlight North Carolina’s exceptional performance, with the Tar Heel State surpassing Massachusetts’ first-month figures in both handle and revenue.
With college basketball teams North Carolina, Duke, and NC State performing well in the NCAA men’s tournament, March saw a surge in sports betting activity. While duplicating March’s success may pose challenges in the coming months, the anticipation of football season and ongoing basketball events suggest a promising future for North Carolina’s sports betting market.