North Carolina sees decline in sports betting revenue

North Carolina sees decline in sports betting revenue

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North Carolina sees decline in sports betting revenue

North Carolina had $398 million in mobile betting handle in its fourth month of business, the lowest sum since the state’s March inception.

According to a report from the North Carolina State Lottery Commission released on July 8th, revenue in the state dropped nearly 26% from May to June, reflecting a seasonal slowdown in U.S. sports betting. In New York, mobile wagering also decreased by 34% in June compared to May.

Promotional bets in North Carolina totaled $16.5 million, with gross gaming revenue (GGR) hitting $40.3 million. Operators maintained a 10% hold, down 2% from May, with GGR taxed at 18%. Player winnings for June reached $354.7 million, and operators canceled $3.2 million in bets, about 1% of the state’s total handle.

Since its launch, North Carolina has seen $2.2 billion in wagers and $275 million in GGR. March marked its peak month, boosted by the NCAA men’s basketball tournament and strong performances by local teams like NC State, Duke, and North Carolina.

During Flutter‘s Q1 earnings presentation in May, CEO Peter Jackson highlighted North Carolina as one of the company’s most successful state launches.

Flutter CFO Paul Edgecliffe-Johnson said:

“We’ve won the state, we’ve signed up one in 20 adults, but obviously it comes with a cost. Where there’s more business, that’s where you have the most promotional intensity.”

Bet365, BetMGM, Caesars Sportsbook, DraftKings, ESPN Bet, Fanatics, and FanDuel are all operational in the market. According to regulations, operators must be partnered with a professional sports team, NASCAR, or the PGA Tour.

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