North Carolina – Bookielink

November 13, 2024

North Carolina in October: Revenue plummets while handle rises

October marked the first full month of football for North Carolina digital sportsbooks – and revenue dropped $21.4 million (£16.6 million/€20.2 million) despite handle rising $36.6 million against September.

According to the North Carolina revenue report released today (12 November), the differentiator was hold, which was the lowest since sports betting went live in North Carolina. In September, sportsbooks had a 12.2% hold rate, but in October that number dropped to 8%. Operators across the US have lamented a tough October with bettor-friendly results during quarterly earnings calls.

In North Carolina, which launched sports betting operators in March, October was the first full month with football games every week. The NFL season kicked off on 5 September, meaning that the first Sunday of that month had no games.

With regard to hold, North Carolina operators have eclipsed double-digits in six of the eight months since launch. August and October are, so far, the only sub-10% hold..

September 20, 2024

State of the Union: Status of ESPN Bet in NY, North Caroline retail, OK bill coming?

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.
ESPN Bet about to get closer to NY launch?
The New York State Gaming Commission Monday (23 September) will consider Penn Entertainment’s application to take over the WynnBet New York licence. The plan has been in the works since WynnBet exited the New York market earlier this year. Should Penn get approval, it will be able to launch its ESPN Bet platform in the biggest competitive market in the US. New York law caps the number of platforms at nine. Licences only come available if a company exits the state.

Penn executives on the company’s second-quarter earnings call pointed to a September launch, potentially by the start of football season. Should the regulator approve the licence transfer, Penn will still have a few steps to take before it could launch ESPN Bet.

Every major US operator is live in New Yor..

September 9, 2024

North Carolina operators in August record lowest hold since launch

In August North Carolina operators had single-digit hold for the first time since platforms launched in March. The Tar Heel State's eight operators took $370.5m in bets in August and had a win rate of 9.1%.
Operators paid a total of $6.1m (£4.7m/€5.5m) to the state in taxes, according to the report released on Monday (9 September) by the North Carolina Education Lottery.

North Carolina operators took less money in bets – $340.4m – in July, but had a 12.4% hold, the second-highest in six months since launch. In July, operators paid the state $7.6m in taxes. North Carolina charges online operators an 18% tax on digital sports betting.

In August, the gross wagering revenue was $33,751,015. NC law defines gross wagering revenue as handle minus winnings. Gross wagering revenue is derived before deductions for expenses, fees or taxes. According to the report, North Carolina operators had $13.6m in promotional play and cancelled or voided $3m in bets.

Nearly $3bn in bets in first ..

July 8, 2024

Handle and hold dip in North Carolina’s third full month of sports betting

In its fourth month of operation, North Carolina recorded $398m in mobile betting handle, the lowest amount since its launch in March.

According to the report released on Monday (8 July) by the North Carolina State Lottery Commission, revenue dipped almost 26% in the Tar Heel state between May and June. Such a dip isn’t unusual, as the US moves into a slower summer sports calendar. New York experienced a similar shift with amount wagered on mobile dropping 34% in June against May.

Bets made via promotions in North Carolina came in at $16.5m, while gross gaming revenue (GGR) hit $40.3m. Operators cannot deduct promotional play in North Carolina.

Operators maintained a 10% hold, which was 2% lower than in May. GGR is taxed at 18%.

Player winnings paid out in June totalled $354.7m, according to the report. Operators cancelled $3.2m in bets, or almost 1% of the state’s overall handle.

Since its launch, North Carolina has taken $2.2bn in handle and $275m in GGR.

Its biggest month s..

June 7, 2024

North Carolina betting revenue drops 40.1% in second full month

North Carolina reported gross gaming revenue (GGR) of $63.1m (£49.6m/€58.4m) in May in what was the second full month of wagering in the Tarheel State.

The $63.1m figure fell 40.1% short of April’s total of $105.3m. April was the first full month of betting in North Carolina after operators went live on 11 March.

The May revenue was also 5.1% behind the $66.5m generated in March despite the market only launching 11 days into the month. However, that three-week period included March Madness, with all three North Carolina teams – UNC, NC State and Duke – playing in the tournament.

Handle, meanwhile, stood at $525.5m, again the lowest total yet. The figure was 19.0% short of April’s $648.9m and 20.3% behind March’s $659.3m.

A total of $458.7m was paid out in winnings in May, a hold percentage of 12.3%. In April, operators reported a hold of 17%.

The state didn’t disclose how much tax revenue had been received. Digital operators are taxed at 18% of GGR in North Carolina.

Promos again..

April 2, 2024

Nearly $200m wagered in first week of North Carolina sports betting

The Tar Heel State has released its first week's sports betting figures, with a total handle already nearing a quarter of a billion dollars.

The North Carolina State Lottery Commission has plenty of reasons to celebrate with over $198m wagered in the first week of sports betting, starting on Monday 11 March.

Detailed numbers have been released by the Commission’s first sports betting report. In total, payouts amounted to $142m from the $198m wagered, with $43m in gross wagering revenue.

A further breakdown revealed that $24m was wagered on the market’s first day. Of that total, $11m was paid out in gross wagering revenue. North Carolina is subject to an 18% tax rate on gross gaming revenue.

Which operators are live in North Carolina?

So far, the North Carolina State Lottery Commission has awarded eight interactive sports wagering licences to operators.

FanDuel, Caesars Entertainment, DraftKings, Fanatics, Bet365, BetMGM, ESPN Bet and Underdog have all secured licences.
..

March 1, 2024

North Carolina issues eight online sports betting licences ahead of launch

With less than two weeks to go until online sports betting goes live in the state, the North Carolina State Lottery Commission has awarded eight interactive sports wagering licences to operators.

Sports betting will launch in North Carolina on 11 March. This is after the state’s governor, Roy Cooper, signed House Bill 347 into law last year.

Among the approved licensees are heavy-hitters such as FanDuel and DraftKings. Fanatics, Bet365, BetMGM, ESPN Bet and Underdog are also set to launch in the state.

Operators who sought approval to offer sports betting in the state had to partner with a sports team, league or venue within North Carolina. That led to a flurry of deals as operators looked to secure entry into the state.

For instance, DraftKings partnered with stock-car racing series Nascar, while BetMGM teamed up with the Charlotte Motor Speedway in the state. ESPN Bet gained entry to North Carolina by signing a major PGA Tour deal to become the official betting operators of the W..

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Tag: North Carolina