North Carolina is adding to the group of regulated sports betting markets reporting declines in revenue amid a slow professional and amateur sports calendar.
According to data provided by the North Carolina State Lottery Commission, the Tar Heel State reported a $381.8 million online sports betting handle in June marking its lowest handle since the state launched wagering earlier this year. North Carolina went live with online sports betting in March and posted a $456.7 million online handle for the month.
In May, North Carolina’s eight online sportsbooks posted a $494.6 million handle. Its operators are bet365, BetMGM, Caesars, DraftKings, ESPN Bet, FanDuel, Underdog, and Fanatics. Underdog’s presence in North Carolina marks its first foray into betting.
Record low revenue in North Carolina
The Tar Heel State also reported its lowest gross wagering revenue mark last month.
North Carolina sportsbooks generated $40.3 million in gross wagering revenue in June, down from $63 million for the month prior. Active gaming law in the Tar Heel State levies an 18% tax rate on gross wagering revenue for all state-licensed online sportsbooks with proceeds distributed toward education, problem gambling, youth engagement, and events.
The Department of Health and Human Services receives $2 million annually to combat problem gambling through educational resources and treatment programs while $1 million each year is distributed to North Carolina Amateur Sports to create new opportunities.
North Carolina also allocates gross wagering revenue to 13 state universities that are given up to $300,000 annually. The institutions include Appalachian State, East Carolina, Western Carolina, Fayetteville State, N.C. Central, and Winston-Salem State.
The remaining proceeds are distributed to the North Carolina Youth Outdoor Engagement Commission, which receives $1 million annually. The state’s General Fund and Major Events, Games, and Attractions Fund also receive funds to create jobs and investments.
Since March, North Carolinians have wagered $1.9 billion generating $275.1 million in gross wagering revenue. During that span, operators have paid $1.94 billion to players.
Promo revenue has reached $329.6 million with a monthly record low of $16.4 million in June.
