Sports Betting In North Carolina Continues To Fall In Latest Figures For June

North Carolina

The North Carolina sports betting handle reached a mere $398.2 million in June, marking a substantial decrease from the previous months. This figure represents the lowest monthly total since the state’s legalization of mobile sports betting. The decline was anticipated, given the absence of major college or NFL football games and most basketball events during this period.

The online sports betting handle for June stood at $381.8 million, down from $494.6 million in May and $456.7 million in March. Industry experts attribute this drop-off to the typical seasonal lull in sports activity during the summer months. With fewer high-profile sporting events to entice bettors, the overall wagering activity naturally declined.

Despite the lower betting handles, the eight licensed operators in North Carolina, including bet365, BetMGM, Caesars, DraftKings, ESPN Bet, FanDuel, Underdog, and Fanatics, were still able to collect over $40 million in gross gaming revenue for June. This pushed the total gross revenue since the March 11 launch to surpass $275 million.

The state’s 18% tax on gross wagering revenue has also proved to be a boon for North Carolina’s coffers. In the fiscal year ending June 30, the state collected over $49.5 million in taxes, surpassing the revenue projections made by lawmakers.

North Carolina’s sports betting regulatory framework has been a topic of ongoing discussion and refinement. During the recent legislative session, proposed changes to the distribution of tax revenue were not agreed upon, leaving the current system in place.

One notable aspect of North Carolina’s sports betting regulations is the prohibition on deducting losses from sports betting winnings for tax purposes. This policy has been a point of contention among industry stakeholders, as it can impact the overall profitability and competitiveness of the market.