North Carolina Set New Sports Betting Handle Record in October
The North Carolina State Lottery Commission has released its October monthly revenue report, revealing a record-breaking increase in sports betting activity.
North Carolina October’s handle is only behind the $659 million and $648 million collected in March and April.
LISTEN TO THIS ARTICLE:Bettors in the Tar Heel State wagered over $612 million in October, marking the third-highest monthly total since the state opened its sports betting market in mid-March 2024. The position was previously held by September when the state reported $575.4 million in betting handle.
October’s handle is only behind the $659 million and $648 million collected in March and April, respectively. The first two record months were boosted by promotional wagering incentives offered by operators to attract new customers and drive early growth. For instance, promotional wagering totaled $202 million in March, while the figure topped $89 million in April.
However, in October, actual paid wagering revenues accounted for $589 million of the total volume wagered, while promotional wagering was approximately $23 million.
$560.6 million of the total wagered during the month was paid out as winnings, while licensed sports operators generated $48.6 million in revenue.
October tax receipts to the state reached over $8.7 million. The state imposes an 18% tax on gross wagering revenue, calculated by subtracting winnings from total revenue.
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$4.1 Billion Bet Since Launch
Since the mid-March launch, bettors have wagered over $4.1 billion on sports, with $3.7 billion being actual wagering revenue and not promotional bets.
Sports betting handle in the first four months of the fiscal year stands at $1.8 billion, while tax revenue to the state during this period reached $35 million.
North Carolina is presently home to eight interactive sports wagering operators, though its licensing regulations allow up to 12.
Like September, the football season significantly boosted October’s sports wagering results. The industry is anticipated to experience continued growth in November and December, driven by NFL, NHL, NBA, college basketball, and college football bowl games.
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