On Friday, 17th May, the North Carolina State Lottery released its inaugural monthly report on legal online sports betting. The report revealed that bettors in the state placed nearly $649 million in bets in April, generating a gross gaming revenue (GGR) of $105.3 million.
Online betting platforms in North Carolina launched on 11th March, just in time for the NCAA men’s and women’s basketball tournaments. During the initial three-week period, consumers placed bets totaling $659.3 million. This period coincided with the participation of three North Carolina teams – Duke, NC State, and UNC – in the March Madness tournament. Typically, sports betting volumes in the US tend to decrease in April, following the conclusion of the NCAA’s premier event.
Despite the dip in total bets placed, operators retained a higher percentage of the total handle in April compared to March, paying out $538.4 million in winnings from the $649 million handle, as opposed to $590.8 million from the $659.3 million handle in March. The state levies an 18 percent tax on the GGR of digital operators, although the exact tax revenue figure was not disclosed.
The report also noted a significant reduction in promotional betting in April, with operators writing off $79.7 million in promotions, compared to $202.6 million in March. It is common for operators to offer their most attractive promotions at launch.
The lottery does not provide a breakdown of its revenue figures by operator or sport. On the launch day, eight platforms, including all major operators, went live. Among them were Underdog Sports, making its debut in North Carolina, and Bet365, launching in its tenth state.
All operators in North Carolina are required to be affiliated with professional sports venues or tribal casinos. The state has two tribal casinos, with Caesars being the only operator currently affiliated with a tribe (Tribal Casino Gaming Enterprise Cherokee).
Less than two months after the launch, North Carolina lawmakers are already considering amendments to the new sports betting law. Among the proposed changes are a ban on college-player prop bets and a provision, advocated by Governor Roy Cooper, to allow bettors to deduct losses from their taxes.
Both bills are currently under review in committee. The North Carolina legislative session, which opened significantly later than most others on 24th April, is scheduled to conclude on 31st July.
