North Carolina Sports Betting Market Slumps in May
The North Carolina sports betting market has hit a decline in just its second full month of wagering.
Operators' promotional spend reduced from $202.6m and $79.7m in March and April to $30.9m in the month.
LISTEN TO THIS ARTICLE:According to the North Carolina State Lottery Commission, total players' bets in May reached $525.5 million. Of the total, $494.6 million came in from paid wagers, while promo wagers accounted for $30.9 million.
May's handle represents a significant decrease of 19.0% compared to $569.2 million in April. It also fell 20.3% short of March's $659.3 million.
From the total, operators paid out $458.7 million in winnings, showcasing a hold percentage of 12.3%. This represents a decrease from the 17% hold reported in April.
In terms of revenue, gross gaming revenue (GGR) in the month reached $63.1 million, down by 49.1% from April's $105.3 million. It also decreased by 5.1% compared to March's $66.5 million haul.
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Promotions Significantly Down
Operators' promotional spending of $30.9 million during the month fell 61% behind $79.7 million in April. It was also 85% lower than the $202.6 million paid out in March when the state launched its sports betting market.
The massive promotional spend in the first month was unsurprising since operators were out to attract new bettors and establish a presence in the newly launched market.
The Tar Heel State didn't release the exact tax amount it collected during the month; however, it taxes mobile sports betting operators 18% of their monthly GGR. Additionally, it does not yet publish a breakdown of operators' or sports' monthly performance.
North Carolina is currently home to eight online sportsbooks, including DraftKings, FanDuel, Fanatics, ESPN Bet, Bet365, Caesars, BetMGM, and Underdog.
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