There’s less than a full three-month sample size to examine North Carolina online sports betting trends, but major college sports expectedly drive big numbers.
With March Madness and April’s Final Four in the rearview, May’s handle of $525.5 million was down 19% compared to April, according to figures released by the North Carolina Lottery Commission on Friday.
A large decrease in promotional credits certainly made a difference, too. The Tar Heel State’s eight online sportsbooks handed out $202.6 million in the first three weeks after the March 11 launch and another $79.7 million to attract customers in April.
Take away the bonus bets, and the difference in the amount wagered in May was down 13% month-over-month.
High hold streak
North Carolina operators recorded gross revenue of $63.08 million, down 40% from April’s $105.25 million.
However, sportsbooks are still doing very well against bettors, as the 12% hold marked the third consecutive month in double digits. It didn’t come close to April’s 18.5% win rate, but not many will.
The Tar Heel State has now hauled in $1.8 billion in wagers since March 11, including $1.5 billion minus promo credits. Online wagering remains a huge hit, as North Carolina has enjoyed clearing nearly $1.6 billion in earnings, while operator revenue for the first three months is over $234.8 million.
Filling the coffers
The Tar Heel State is getting exactly what it bargained for and probably more when it comes to tax revenue. With a tax rate of 18%, sports betting in North Carolina has produced over $42 million for the state since March 11, including $11 million from May.
The lottery commission does not include taxes paid out by operators in monthly figures. That’s done by the North Carolina Department of Revenue, so these tax numbers are estimates that could be adjusted.
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