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In October, North Carolina’s sports betting market brought in a healthy $612 million in wagers, which translated into $8.8 million in tax revenue. This is the third time since sports betting was introduced earlier this year that the state has exceeded $600 million in a single month, according to the North Carolina State Lottery Commission’s monthly report.
October’s total wagers, including promotional and paid bets, reached $612,046,491. Bettors claimed $560,644,740 in winnings, leaving sportsbooks with a gross revenue of $48,659,761. An 18% tax on this revenue brought $8,758,757 into public funds.
The first full month of the NFL season, which kicked off in September, drove significant betting activity. However, sportsbooks saw a $21.4 million drop in gross revenue compared to September, despite a $36.6 million increase in the handle. This decline stemmed from a lower hold rate, which fell to 8% in October, marking the lowest since sports betting was legalized in the state.
Across the U.S., sportsbooks faced tighter margins in October due to favorable outcomes for bettors. North Carolina mirrored this trend, with promotional play accounting for $23 million of the adjusted handle. This left an adjusted gross revenue (AGR) of $48.7 million.
Sports betting in North Carolina has grown steadily since it began in March. The fact that October’s handle was the third-highest ever recorded shows how popular sports betting has remained in the state. Interestingly, for the majority of 2024, North Carolina sportsbooks have maintained double-digit hold percentages, reaching a high of 16.2% in April.
Popular events like the NFL season are driving the ongoing evolution of the sports betting business. North Carolina’s booming gambling business helps the state adjust to changing hold rates as tax revenues rise.