Win Rate A Bright Spot During North Carolina’s Worst Sports Betting Month

The best sports betting sites operating in North Carolina are realizing what most experienced jurisdictions already know - that July is a rough month for the legal sports betting industry.

No football, basketball, or hockey, and a one-week MLB All-Star Game break left the North Carolina sports betting menu fairly bare.

Through it all, the revealed its worst monthly sports betting totals yet for an industry launched in March.

A 12% hold rate for state sportsbooks did bail out the state’s industry. North Carolina’s best sportsbooks had a better month than the one before in terms of revenues because of it.

July handle

In July, North Carolina sports betting apps and retail sites accepted $340.4 million in bets. It was by far the worst month for the legal sports betting scene in the state and nearly half of the lofty totals seen in the first full month of legal wagering in March.

July’s handle represents a 14.2% month-over-month drop from the reported $395 million in June and was a far cry from $659.3 million in March, $643.65 million in April, and $521.7 million in May.

July’s total took the five-month lifetime handle in North Carolina to just over $2.5 billion.

North Carolina sports betting operators have one more month of disappointing handle results. September and the start of the NFL season are expected to be a huge boon for North Carolina sports betting sites, as they are across the country. Residents will want to keep an eye on North Carolina sportsbook promos ahead of kickoff.

Adjusted revenues

It was understood that the North Carolina sports betting handle would fall in July. What wasn’t expected was a month-over-month increase in revenues. Last month, $42.2 million in sportsbook profits were reported despite a $45 million drop in overall sports wagering activity.

That constitutes a 4.7% month-over-month improvement from June’s $40.3 million. The increase can be attributed to the 12.4% hold, which easily bested June’s 10.1% win rate.

Since the North Carolina sports betting app launch in March, more than $315 million in sportsbook revenues have been reported.

Thanks to North Carolina's 18% tax rate, state and local coffers received $7.6 million in July, up from $7.2 million in June. After July's figures were added, the five-month-tax contribution total was just over $57 million.

With college and pro football on the horizon and NBA and college hoops just around the corner, the sky's the limit for the North Carolina sports betting scene. But in the meantime, operators must weather what will inevitably be an ugly month for their bottom lines in August.