North Carolina Sports Betting Revenue Rises in April

North Carolina recorded a rise in sports betting revenue in April 2025, even as overall consumer spending on sports wagers declined. According to data released by the North Carolina State Lottery Commission, gross wagering revenue for the month reached $46.8 million, marking a 22.8% increase from March. This month-on-month growth occurred despite a sharp drop in total handle, signaling that higher operator margins helped offset weaker betting activity.

During the month, players wagered a total of $576.2 million. This figure included $560.7 million in paid bets and $15.5 million from promotional offers. The overall handle represents a 15.8% decline from the $685 million bet in March and is also 11.2% lower than April 2024, the first full month of legal online sports betting in North Carolina. The year-on-year decrease is notable, especially as the market moves further from its launch phase and into a period of normalization.

Players took home $525.3 million in winnings in April, while $4.1 million worth of bets were cancelled or voided. These results produced a statewide hold rate of 8.12%, up from 5.78% in March. The improved hold played a significant role in boosting revenue even as overall betting volume dropped. A higher hold rate typically indicates either better risk management by sportsbooks or a shift in betting behavior that results in more profitable outcomes for operators.

Despite the month-on-month improvement, the year-on-year revenue comparison tells a different story. April 2025’s gross revenue was down 55.6% compared to April 2024. This steep decline reflects the natural tapering of early promotional spending and betting enthusiasm seen during the launch period. As promotional incentives decrease and bettor behavior adjusts, handle and revenue figures often stabilize at lower but more sustainable levels.

The Commission does not release operator-specific data, leaving a gap in visibility regarding market share or individual performance. However, national sportsbooks such as FanDuel, DraftKings, BetMGM, and Fanatics are all active in the state. Their collective performance shapes overall market dynamics, especially given the absence of local or regional competitors with significant influence.

 

Despite a lower betting handle in April, North Carolina's sports wagering revenue increased due to a higher hold rate, reflecting improved operator margins.

 

The Next Steps

April’s results suggest that North Carolina’s sports betting market is transitioning from its initial surge to a more mature, margin-driven phase. With less emphasis on promotional spend and higher retention of wagers through stronger holds, operators appear to be focusing on profitability over volume. This trend is consistent with other U.S. states that have moved beyond their early-stage betting peaks.

As the state monitors ongoing market performance, April’s data highlights both the volatility of month-to-month results and the importance of efficiency in operator models. While consumer spending may fluctuate, the ability to maintain or improve margins could be key to long-term revenue stability in North Carolina’s sports wagering sector.