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North Carolina Sports Betting Revenue Hits Record Low in July

North Carolina sports betting revenue dropped to a record low of $22.7M in July 2025, with handle also slipping amid a seasonal sports slowdown.
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Branimir Ivanov | Senior News Contributor

Updated: Aug 22, 2025

Seasonal Betting Slump

North Carolina’s legal sports betting market endured its slowest month on record in July, as both revenue and wagering activity fell sharply amid the summer sporting lull. The downturn highlights the state’s dependence on the broader U.S. sports calendar, which traditionally offers fewer major betting opportunities during the mid-summer months.

According to figures published by the North Carolina State Lottery Commission, gross sports betting revenue reached just $22.7 million in July 2025, marking the lowest monthly total since the state legalized wagering. The figure dipped below the previous record low of $33.8 million set in August last year and represented a significant break in momentum after stronger performance in the spring.

 

Steep year-on-year and month-on-month declines

The July revenue figure was particularly stark when viewed against recent benchmarks. Compared to the same month in 2024, gross revenue declined by 46.2%, underscoring how seasonal patterns can erode operator earnings. On a sequential basis, July’s total was down 60.9% from June, when betting activity benefited from the conclusion of the NBA Finals, the Stanley Cup Final, and other major sporting events.

While revenue dropped sharply, total wagering handle told a more nuanced story. Bettors placed $370.4 million in wagers during July, the second-lowest handle recorded in North Carolina since the market launched. Only July 2024 saw less wagering activity, when $340.4 million was staked. Even so, the year-on-year comparison showed an 8.8% increase in handle, suggesting that while overall betting interest is rising compared to last summer, profitability fluctuates more widely with the sporting calendar.

The Commission reported that licensed operators paid out $361.5 million in winning bets over the course of July. A further $8.8 million in wagers were placed using promotional credits, reflecting the ongoing use of free bet offers to attract and retain customers. In addition, approximately $3.1 million in bets were voided or cancelled, a small but notable portion of activity that does not contribute to operator revenue.

The relationship between handle and revenue was reflected in the month’s hold rate, which stood at 6.13%. This figure, derived from gross revenue as a share of handle, fell well below industry averages, underscoring the limited profitability of July’s wagering environment. For the state, the slowdown translated into $4.1 million in tax collections, revenue that supports public programs and initiatives funded through the betting tax framework. Unlike some jurisdictions, North Carolina does not disclose operator-level performance data, meaning it is not possible to identify which platforms were most affected by the downturn.

 

Seasonal slowdown weighs on activity

Industry analysts were not surprised by the July results, noting that the summer months are typically the slowest period for sportsbooks nationwide. The U.S. sports calendar offers relatively few major betting events during this stretch, with Major League Baseball providing the only prominent ongoing domestic competition. Unlike states with MLB franchises that help drive engagement, North Carolina does not have a professional baseball team, limiting the local draw for regular-season betting.

International events provided some betting opportunities, though not at the scale of marquee U.S. competitions. Wimbledon and several professional golf tournaments attracted wagering, while North Carolina also hosted matches during the FIFA Club World Cup at Charlotte’s Bank of America Stadium. Still, these events lacked the widespread betting appeal of the NFL, NBA, or NCAA football, and were insufficient to offset the seasonal slowdown.

Despite the weak performance in July, longer-term indicators for North Carolina’s sports betting market remain positive. The year-on-year increase in handle suggests that more residents are engaging with legal sportsbooks compared to last summer, even if operator revenue varies month by month.

 

July is always a challenging month for sportsbooks, and North Carolina’s results reflect that seasonal dip. With only baseball in full swing and limited marquee events, operators inevitably see lower revenue before activity rebounds in the fall.

 

The Future

Looking further ahead, industry observers point to the 2026 FIFA World Cup, which will be staged primarily in the United States, as a potential watershed moment for sports wagering nationwide. Although Charlotte’s Bank of America Stadium will not serve as a host venue, national interest in the tournament is expected to be strong, particularly with the U.S. men’s national team participating. That surge in attention could translate into a significant increase in betting activity across North Carolina, regardless of whether matches are played locally.

For now, however, July serves as a reminder of the cyclical nature of sports betting revenue. With fewer high-profile events on the calendar, operators and state coffers alike face leaner months, only to rebound when the major leagues return in late summer and fall.

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