The North Carolina State Lottery Commission reported $42.2 million in gross sports betting revenue for July on Monday, as Tar Heel State sportsbooks combined for a double-digit hold for the fifth time in as many months.
Since launching in March, the state’s eight sports betting apps have generated more than $2.5 billion in handle after accepting $340.4 million worth of wagers in July. That was down 14.5% from June, but the percentage of wagers made via promotional bonuses and credits was only 3.6% — $12.4 million.
That was the lowest in terms of percentage and dollars since launch, with July’s total down 24.6% from the $16.5 million reported for June. It was also just 6.1% of the $202.6 million outlay in March, when bettors hit the ground running with the NCAA Tournament and had the unexpected outcome of both North Carolina State basketball programs reaching the Final Four.
The state saw an inflow of $7.6 million into its tax coffers, raising the five-month total to $57.1 million. The 18% tax rate on gross revenue has helped provide at least $7 million in receipts every month thus far.
While July’s 12.4% hold is currently the median among the nine states that have reported handle and revenue totals for the month, North Carolina’s sportsbooks are easily outpacing the 7% industry standard with an overall mark of 12.3%.
Operator gross revenue, though, is rapidly catching up to overall promotional spend, with the $317.4 million in total winnings now $24.7 million less than the $342.1 million in credits and bonuses supplied by sportsbooks. July marked the third time the hold was 12% or higher, and it was 2.3 percentage points higher than June.
That bounce in win rate led to month-over-month revenue ticking 4.8% higher. North Carolina sportsbooks have topped $40 million in revenue in all five months, highlighted by a peak of $105.3 million in April.
The North Carolina State Lottery Commission does not disclose handle and revenue figures for operator or sport category.
