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North Carolina Sports Betting Hits Near-Record in November

North Carolina sports betting reached a near-record $657.7 million in November, marking the second-highest handle since its launch. Operators saw a record $78.1 million in revenue, further establishing the state’s growing betting market.

CasinoLandia > News > North Carolina Sports Betting Hits Near-Record in November

Branimir Ivanov | Senior News Contributor

Updated: Dec 10, 2024

Second-highest handle since launch

North Carolina bettors placed wagers totaling $657.7 million in November, achieving the second-highest monthly handle since legal sports betting launched in the state in March 2024. This impressive figure demonstrates the rapid growth and sustained interest in sports betting among residents of the Tar Heel State. The market has quickly established itself as a strong contender in the competitive U.S. sports betting landscape, with operators and the state seeing significant financial benefits.

The record for the highest monthly handle remains $693.3 million, set during March, the first month of legal wagering in North Carolina. This record-breaking debut included $456.7 million in real-money bets and $202.6 million in promotional play, reflecting aggressive marketing efforts by operators to attract new customers. In contrast, November’s handle of $657.7 million consisted of $638.7 million in real-money wagers and only $19 million in promotional credits, indicating a shift toward greater sustainability in the market as operators reduce reliance on promotions to drive engagement.

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November was also a record-breaking month for gross gaming revenue (GGR), with operators reporting $78.1 million, surpassing the previous high of $70.1 million set in September. The consistent growth in GGR highlights the market’s steady maturation, as bettors become more engaged and operators optimize their offerings. For the month, operators paid $14.1 million in taxes to the state, reflecting the 18% tax rate on GGR. These tax revenues contribute significantly to public funds, reinforcing the economic value of a regulated sports betting market.

Since the launch of sports betting in North Carolina, bettors have wagered an impressive $4.4 billion, supplemented by $434.3 million in promotional play. While promotional betting was at its highest in March, with operators aggressively courting new customers, the monthly promotional totals have steadily declined, staying under $37 million since June. This trend suggests a more balanced and self-sustaining market as promotional offers become less central to customer acquisition and retention strategies.

North Carolina’s performance compares favorably to states with similar populations. For instance, Michigan, which has about 10 million residents compared to North Carolina’s 10.8 million, reported a handle of $560.4 million in October, while North Carolina achieved a handle of $612 million during the same period. These numbers position North Carolina as one of the more successful new entrants in the U.S. sports betting market, demonstrating its ability to compete with more established states.

November's performance solidifies North Carolina's position as a competitive player in the U.S. sports betting market

The Future

Currently, eight sports betting platforms operate in North Carolina, though the state lottery does not provide detailed revenue breakdowns by operator or sport. This lack of granular data leaves some questions about which platforms or events drive the most engagement. Nevertheless, the overall trajectory of the market is overwhelmingly positive, with bettors, operators, and the state benefiting from its rapid growth.

As North Carolina’s sports betting ecosystem continues to evolve, these impressive figures underscore the market’s strong debut year. The high levels of engagement and revenue generation suggest a bright future for sports betting in the Tar Heel State, with the potential to become one of the leading markets in the U.S. sports betting industry.