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In February 2025, the total betting handle at North Carolina’s internet sportsbooks was $543.4 million, a 16% decrease from the $646.9 million wagered in January. February had the fifth-lowest handle since the state introduced online betting in March 2024, even though it was the first month to provide Super Bowl betting.
Sportsbooks relied on college basketball, the NBA, and the NHL to maintain betting interest as the NFL season came to an end. Operators brought in $55.7 million, a 25% decrease from January, according to the North Carolina State Lottery Commission. However, revenue exceeded $50 million in consecutive months for just the second time since debut.
The expected tax revenue collected by the state was $10 million, which was more than $3 million less than the previous month.
| Month | Handle | Revenue | Tax Revenue |
|---|---|---|---|
| February | $543.4M | $55.7M | $10M |
Sportsbooks’ hold rate remained at 10.2%, which was the seventh-highest since the state started betting, albeit just lower than January’s 11.5%. The lowest payouts to bettors since the start of the football season in September came to $485.2 million.
Sportsbooks offered incentives of $17.4 million, down from $23.6 million in January, as promotional spending also decreased. Furthermore, the amount of canceled and invalidated wagers decreased from $3.9 million to $2.5 million.
Before North Carolina begins its first full year of sports betting comparisons, February was the last month. The record for the largest handle, $659.3 million, was set in March 2024, even though the state had only begun offering online betting.
With college basketball’s March Madness approaching, betting activity is expected to surge again. Over the past 12 months, North Carolina sportsbooks have generated $6.6 billion in total wagers and $123 million in tax revenue. The state’s eight licensed operators—FanDuel, DraftKings, BetMGM, ESPN BET, Caesars, bet365, Fanatics Sportsbook, and Underdog Sports—have collectively earned more than $700 million in gross revenue since the market opened.