North Carolina bettors come out on top as March Madness hampers operator hold
Sportsbooks in the Tar Heel State post third-lowest month for gross wagering revenue since market launch, despite total handle reaching an all-time high
Bettors in North Carolina enjoyed a stellar month in March that included $643.6m paid out in winnings, as operators were hampered by customer-friendly results.
It marked a record month for players, smashing the previous best of $590.9m, which came in December of last year.
The impact of the March Madness was in full effect, despite the fact that the North Carolina Tar Heels men’s team failed to progress past the first round of the competition, following a 71-64 defeat at the hands of the University of Mississippi’s Ole Miss Rebels.
The competition, which started on March 18, played a significant role in what was a busy month for North Carolina’s eight licensed operators, all of which are subject to an 18% tax rate on GGR.
March’s tax proceeds came to $6.8m, representing a 31% decline from the $10m posted the month prior.
March also produced total handle of $685m, another record for the Tar Heel State and a 26.8% climb compared to February.
The previous record of $659.3m came 12 months prior in what was the state’s first month as a live, regulated market.
Of the new record total, players wagered $667.1m, while promotional spend made up the remaining $17.9m.
As a result, North Carolina operators amassed $38.1m in revenue.
That figure marks the third-lowest revenue total generated by the state’s sportsbooks since market launch in March 2024.
Elsewhere, the North Carolina State Lottery Commission recently confirmed to EGR North America that it was “monitoring” the outcomes of legal disputes regarding sports event contracts elsewhere in the US before potential intervention.