- North Carolina had its second best sports betting month in terms of handle and revenue
- The state reported more than $70 million in gross gaming revenue
- North Carolina is far outpacing its original FY 2025 tax revenue projections
The Carolina Panthers are a complete slog, but it’s not stopping North Carolinians from flocking to their sports betting apps.
The North Carolina Lottery Commission reported $538.36 million in online sports betting handle for the month of September, its second highest handle total since April when state bettors wagered nearly $570 million.
Three months into the new fiscal year and the Tar Heel State is greatly outpacing the original estimates for sports betting tax revenue.
More Than 100% Increase in Tax Revenue
As expected, September’s sports betting totals were bolstered by the return of college and professional football. The state’s total handle of $538,367,688 was a nearly $180 million increase from the August totals and a $209 million increase over July’s handle totals.
The commission reported $70,602,945 in gross gaming revenue, the state’s second most lucrative month since April’s eye-popping $105.24 million in revenue. September’s revenue totals increased by over 100% when compared with July’s $6.07 million.
With North Carolina’s 18% sports betting tax rate on gross gaming revenue, September saw $12,611,330 in tax revenue. September’s total lags only behind the April sports betting tax revenue total of $18.9 million.
The Tar Heel State has outperformed financial expectations so far as it moves through the early stages of fiscal year 2025.
Outperforming Tax Revenue Estimates
As North Carolina enters the most lucrative portion of the sports betting calendar, with football, playoff baseball, and the start of the NBA season, state regulators have to be pleased with the results of legalized sports betting so far.
Legislators included a fiscal estimate for HB 347, the approved sports betting bill, which estimated just $8.5 million in sports betting tax revenue for fiscal year 2024. From launch in March 2024 through June 2024, the final month of fiscal year 2024, the state reported $49,523,489 in sports betting tax revenue.
But what about the estimates for fiscal year 2025? Regulators predicted the state’s sports betting market would mature in the new fiscal year and see an increase to more than a $53 million total in sports betting tax revenue.
Through the first three months of the new fiscal year, North Carolina has seen more than $26.2 million in sports betting tax revenues, nearly half of what has been expected for the entire fiscal year.
North Carolina should easily surpass the original estimates, as it still has four months left of football, the Super Bowl, the NCAA March Madness tournament, and the majority of the NBA season for state bettors.
As football season kicks off, North Carolina sports betting enthusiasts are gearing up for an exciting time ahead. With the recent legalization of sports betting in the state, fans are now able to place bets on their favorite teams and players with ease.
The North Carolina sports betting market has seen a surge in activity since the start of football season, with many fans flocking to online sportsbooks and retail locations to place their bets. The excitement and enthusiasm surrounding football season have only added to the growing popularity of sports betting in the state.
One of the key factors driving the growth of sports betting in North Carolina is the convenience and accessibility of online sportsbooks. With the ability to place bets from the comfort of their own homes or on-the-go via mobile apps, fans are able to easily get in on the action without having to travel to a physical sportsbook location.
In addition to the convenience of online sports betting, North Carolina fans are also enjoying a wide range of betting options and promotions. From traditional moneyline bets to prop bets and parlays, there is no shortage of ways for fans to get in on the action and potentially win big during football season.
Furthermore, the legalization of sports betting in North Carolina has also opened up new opportunities for partnerships between sports leagues and betting operators. This has led to an increase in collaborations and sponsorships, further enhancing the overall fan experience and driving interest in sports betting.
Overall, North Carolina sports betting enthusiasts are embracing football season with enthusiasm and excitement. With a growing market, convenient online options, and a wide range of betting opportunities, fans are sure to have a thrilling and rewarding experience throughout the season.
