NC Sports Betting Revenue Down in May Following Industry Trend

North Carolina’s betting handle followed the industrywide flux of wagering activity as the state’s total wagering revenue dropped 19% from April.

Overall, paid and promo wagering revenue equaled $525.5 million, down from $648.9 million in the previous month. However, late spring is typically a slow month for sports betting as there are fewer major sports events. Except for two NASCAR races at the end of the month, there were no major sporting college or pro events in North Carolina in May.

NC sports betting revenue for May 2024

In May, NC online sportsbooks paid out $458.6 million compared to $538.4 million in April. Gross betting revenue for the state’s eight licensed sports betting operators totaled $63.1 millilon, a $42 million and a 40% drop from the previous month. The North Carolina Lottery Commission does not report breakdowns of the handle for each sportsbook, so market share is unknown.

Month/YearPaid Wagering RevenuePromo Wagering
Revenue
Total Wagering
Revenue
Cancelled/Void
Wagers
Amount Paid
as Winnings
Gross Wagering RevenueTax Yield (18%)
March 2024*$456,702,602$202,605,909$659,308,541$2,062,025$590,750,303$66,496,213$11,969,318
April 2024$569,283,605$79,650,621$648,934,226$5,280,581$538,401,972$105,251,672$18,945,301
May 2024$494,602,507$30,946,064 $525,548,571$3,800,589$458,667,635 $63,080,347$11,354,462
TOTALS$1,520,588,744$313,202,594 $1,833,791,338 $11,143,195$1,587,819,910$234,828,232$42,269,081

*Totals from March 11-31, 2024

April’s tax revenue down by $7.6 million

NC state law imposes an 18% tax on each online operator’s gross wagering revenue. In May, the state collected approximately $11.3 million in tax revenue. April’s tax yield was approximately $18.9 million, about $7.6 million more than May.

Since legal sports betting launched on March 11, the state has collected nearly $42.3 million in taxes.

The total bet spend of $1.8 billion is already one-third of the state’s projected totals for year one. NCSharp made its own projection, anticipating between $6 and $7 billion in total bet spending for year one of NC sports betting.

About the Author

Cheryl Coward

Cheryl Coward started her career as a news reporter in Washington, DC. She's a die-hard women's basketball fan and founded the website Hoopfeed.com as a result of that passion. She loves writing about sports on all levels and has previous experience covering sports betting regulations, operator marketing campaigns and women's sports gambling topics.