Thursday, June 13, 2024

NC Online Sports Betting Handles $525 Million In May

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North Carolina online sports betting is three months old. It launched in mid-March, ahead of several major sporting events, and the industry just released NC online sports betting handle and revenue numbers for the month of May.

In total, North Carolina sports betting operators handled $525 million in May. That’s down $123 million from its April handle, but a slowdown in major sporting events makes the drop a predictable one.

More on NC online sports betting handle and revenue

Bettors in the Tar Heel State contributed more than $494 million by way of “paid” handle, with just shy of $31 million coming with NC sportsbook promos. That promo total is a significant drop. Bettors used $202 million in promos in the back half of March alone, followed by nearly $80 million in April.

The May report, issued by the North Carolina State Lottery Commission, indicates a quick adoption of online sportsbooks in North Carolina, and the decreased use of sports betting promos targeted to new users. Many sportsbooks have promos and bonuses for existing customers. However, those specials often aren’t as lucrative as the initial ones.

May’s handle pushed the total handle of the industry to more than $1.8 billion over just its first two and a half months. “Paid” handle represents more than $1.5 billion of that total.

In total, operators turned a profit of $63 million during the month. Given the 18% state tax rate, the state raked in $11.3 million.

Are more NC sports betting handle drops expected?

The summer months are typically the slowest for sports betting. Once the NBA Finals and Stanley Cup Finals finish in June, the only professional sport widely available for betting is baseball. That means June and July may see a significant dip.

Business, though, figures to pick up in late-August with the start of NFL betting and college football betting. That’s especially true in North Carolina, which is set to enjoy its first football season with legal online sports betting.

  • Andrew Champagne is a Senior Editor at Raketech. A passionate storyteller, handicapper, and analyst, Andrew lives in Northern California’s Bay Area. He can often be found planning his next trip to Las Vegas, bowling reasonably well, or golfing incredibly poorly.

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