May 11, 2024; Raleigh, North Carolina, USA; Carolina Hurricanes defenseman Brady Skjei (76) celebrates with center Sebastian Aho (20) and left wing Teuvo Teravainen (86) after scoring a goal against the New York Rangers during the third period in game four of the second round of the 2024 Stanley Cup Playoffs at PNC Arena. Mandatory Credit: James Guillory-USA TODAY Sports
- The North Carolina Lottery Commission reported nearly $400 million in bets for June
- It was the lowest amount bet since the state launched sports betting in March
- Gross wagering revenue was also at its lowest since launch
As the summer temperatures rise, sports betting activity in North Carolina has decidedly cooled off.
According to the North Carolina State Lottery Commission, state sports betting users wagered more than $398.25 million in the month of June, the lowest recorded handle in the four months the state has offered sports betting.
The slowdown is not unexpected, as most states experience a dip in the summer months when the betting markets are limited.
Lowest Totals Since Launch
Both the sports betting handle and gross gaming revenue totals were the lowest in North Carolina since launch. The state lottery commission reported $398,251,464 in total handle on sporting events, including paid wagering revenue and promotional wagering revenue.
Additionally, the state reported $40,302,263 in gross gaming revenues. At the state’s 18% sports betting tax rate, North Carolina reported $7,254,407 in sports betting tax revenues. Since launching in March, the state has brought in nearly $50 million in sports betting tax revenues in just four months.
Compared with May, state sports bettors wagered nearly $113 million less in June and revenues decreased by nearly $23 million. States typically experience a summer slowdown at the conclusion of the NBA season when baseball is the only major sports betting market remaining.
The commission does not report individual operator totals.
Sports Betting Tax Revenue Distributions Remain Unchanged
North Carolina legislators had their final voting day of session on June 30 and did not agree to potential changes on how sports betting tax revenues would be distributed.
The North Carolina House proposed a budget earlier in June that included changes to sports betting tax revenue distributions, potential professional sports franchises eligible to partner with a sports betting operator, and additional funding for a youth outdoor engagement commission.
Under the proposal, an additional $5 million would have been provided to the Youth Outdoor Engagement Commission and the North Carolina Major Events, Games, and Attractions Fund will be reduced to 25% of remaining tax revenues. The general fund would receive whatever is left over from the sports betting tax revenues.
The additional 5% of remaining revenues would have been distributed equally among the following higher education facilities to support their collegiate athletic departments:
- Appalachian State University
- East Carolina University
- North Carolina Agricultural & Technical State University
- North Carolina State University
- University of North Carolina at Chapel Hill
- University of North Carolina at Charlotte
Appalachian State University, East Carolina University, North Carolina Agricultural & Technical State University, and University of North Carolina at Charlotte would have been eligible to double-dip into sports betting tax revenues.
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June Sees Decrease in North Carolina Sports Betting Activity
In the month of June, North Carolina saw a decrease in sports betting activity compared to previous months. This decline can be attributed to a variety of factors, including the end of major sporting events such as the NBA playoffs and the Stanley Cup Finals.
According to data from the North Carolina Education Lottery, total sports betting handle in June was down by X% compared to May. This decrease is not unexpected, as sports betting tends to ebb and flow with the seasons and the availability of major sporting events.
One possible reason for the decrease in sports betting activity in June could be the lack of major sporting events to wager on. With the NBA playoffs and the Stanley Cup Finals both coming to an end in June, there were fewer high-profile games for bettors to place their bets on.
Additionally, the summer months tend to be slower for sports betting overall, as many sports leagues are on hiatus or in their offseason. This can lead to a decrease in overall interest and participation in sports betting during this time.
Despite the decrease in sports betting activity in June, experts predict that activity will pick back up in the coming months as major sporting events like the NFL season and college football get underway. Additionally, the continued expansion of online sports betting options in North Carolina is expected to drive growth in the industry.
Overall, while June saw a decrease in sports betting activity in North Carolina, this trend is likely temporary and should be expected during slower periods for sports betting. As major sporting events resume and online sports betting options continue to expand, we can expect to see an increase in sports betting activity in the state in the coming months.
