North Carolina revenue sinks 40% in second full month of operations
The Tar Heel State also reports decline in total handle and promotional spend in weakest monthly performance since going live mid-March
North Carolina’s licensed sports betting operators saw total gross wagering revenue for May fall 40% in comparison to April’s total, as per figures released by the North Carolina State Lottery Commission.
The Tar Heel State generated $63.1m in gross wagering revenue in May compared to $105.3m in April, with last month only the second full month for the market since going live on March 11.
Despite March being truncated, North Carolina still amassed gross wagering revenue of $66.5m during the month, though that number does include a period in which March Madness fell.
In terms of handle, May marked the most disappointing month for the state so far, with a total of $525.5m generated, representing a 19% decline from April’s amount of $648.9m.
With the market looking to settle as operators jostled for position in the early innings, promotional wagering slipped from $79.7m in April to $30.9m in May. The shortened March reporting period saw $202.6m in promo spend alone.
It was a similar story when it came to paid handle, a figure that sat at $494.6m, down from April’s total of $569.3m.
In May, $458.7m was paid out to North Carolina-based bettors as winnings, a 14.8% decrease from the $538.4m posted in April. There was also $3.8m in canceled and void wagers, as per the state’s monthly report.
Though no breakdown by each individual operator is provided, there are currently eight groups with platforms in the state: DraftKings, FanDuel, BetMGM, bet365, ESPN Bet, Fanatics, Caesars, and Underdog.
The debate surrounding whether North Carolina will follow in the footsteps of Arizona, Colorado, and Maryland and ban college prop bets continues to rumble on, but as of yet there has been no official decision made by regulators on the topic.