- North Carolina took in more than $14 million in sports betting tax revenue in November
- It was the highest monthly sports betting tax revenue total in the state’s history
- Sports betting users wagered more of their own money in November than any other month
North Carolina sports betting is reaping the rewards of a fruitful football season.
The North Carolina State Lottery Commission reported $657.6 million in online sports betting handle and $78.09 million in gross wagering revenue for the month of November, which led to more than $14 million in sports betting tax revenue.
The monthly sports betting tax revenue is the highest total the state has ever recorded since launching in March 2024.
North Carolina Patrons Use Less Promos
The North Carolina State Lottery Commission reported $657,688,077 million in total sports betting handle, which lagged behind the record monthly handle total of $659,308,541 set in March 2024 during the state’s launch.
However, North Carolina patrons wagered more of their own money in November than any other month, as they only used slightly more than $19 million in promos. The patrons bet $638.65 million of their own funds during the month, the most ever bet by state residents.
During the initial launch month of March 2024, state customers took advantage of more than $202.6 million in promos and only bet $456.7 million of their own funds.
Since its sports betting launch, North Carolina customers have bet $4.35 billion in total handle. Of that total handle, $434.2 million have been promotional bets.
Most Profitable Month of Sports Betting
In addition to the mountain of handle bet during November, the state reported its most profitable month of sports betting. The North Carolina State Lottery Commission reported $78.09 million in gross sports betting revenue, which led to more than $14.057 million in sports betting tax revenue.
It was the highest sports betting tax revenue total for any month of North Carolina sports betting, topping the previous monthly record of $12.61 million set in September 2024.
Since launch, the state has reported 545,594,932 in gross gaming revenue, which led to $98,627,033 in sports betting tax revenue.
In recent news, North Carolina sports betting has seen record profits in the latest month, signaling a promising future for the industry in the state. The North Carolina Education Lottery, which oversees sports betting in the state, reported a total handle of $17.4 million in the month of August, marking a significant increase from the previous month.
One of the main factors contributing to this surge in profits is the growing popularity of sports betting among North Carolina residents. With the legalization of sports betting in the state in 2019, more and more people are taking advantage of the opportunity to wager on their favorite sports teams and events. This increased interest has led to a higher volume of bets being placed, resulting in higher profits for the industry as a whole.
Additionally, the recent success of North Carolina sports teams has also played a role in driving up profits. With teams like the Charlotte Hornets and Carolina Panthers performing well in their respective leagues, fans are more eager than ever to place bets on their success. This heightened excitement surrounding local sports teams has translated into increased revenue for sports betting operators in the state.
Furthermore, the convenience of online sports betting has made it easier than ever for North Carolina residents to participate in wagering on sports. With the ability to place bets from the comfort of their own homes or on-the-go via mobile apps, more people are engaging in sports betting activities, leading to higher profits for the industry.
Overall, the record profits seen in North Carolina sports betting in the latest month are a positive sign for the industry’s growth and potential in the state. With increasing interest from residents, successful local sports teams, and the convenience of online betting options, it is likely that we will continue to see continued success and profitability in the North Carolina sports betting market in the months and years to come.
