North Carolina’s sports betting industry experienced a slight decrease in overall wagers in April compared to March, but bettors still experienced significant losses, resulting in substantial profits for the state’s eight licensed operators. In April, bettors won $538.4 million, a decline of $52 million compared to March ($590 million), while losses increased by nearly $40 million. The state will collect an 18% tax on the operators’ revenue, which equates to $18.9 million from the month of April alone.
Since online sports betting was legalized on March 11, operators have accumulated $171.7 million in gross revenue, contributing over $30 million in tax revenue thus far. Promotional betting saw a notable decrease in April from the previous month. In March, North Carolina saw over $200 million in promotional bets, whereas in April, this figure dropped to less than $80 million. Companies reduced their promotional offerings, leading to a decrease in bettors using their original sign-up promotional bets.
However, the amount of paid wagers substantially increased in April compared to March, with around $457 million in paid wagers recorded in March and $570 million in April. This rise is attributed to the growing popularity of sports betting and its increasing accessibility through mobile apps and other digital platforms. Overall, the introduction of legalized sports betting in North Carolina has been lucrative for operators, with significant profits generated since its inception.
The success of sports betting companies is not only limited to revenue generation but also job creation and economic growth within the state. With more licensed operators joining the market every month and more states considering legalizing sports betting, it is clear that this industry has immense potential for growth and expansion across the country.
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