Part of gaining good online gambling insight is to understand the performance of various online betting markets. Seeing how these markets behave gives us insights on betting trends, and other information that we can eventually use in our own gambling ventures. And the venture made by online sportsbooks in North Carolina seem to be pay off quite well. The numbers for their first full month of offering online sports betting is here, so let us take a quick peek at it.
Online Sportsbooks in North Carolina: The First Month’s Numbers
According to the report from the North Carolina Lottery Commission, the total monthly handle for sports betting in the state is at $648.9 million for April. This puts North Carolina in the top 3 spot for the highest betting handle so far. They are third to New York and New Jersey, so this is quite a feat for the first month of the state.
Of course, these numbers can still change, since other states are yet to release their respective sports betting reports for April. Meanwhile, revenue for the state is $105.25 million, with an amazing 16.5% hold percentage. The hold is double than the industry’s average win rate, so it is definitely worth bragging about. The revenue gives the state $18.9 million in tax revenue for the state. So far, the state has collected around $30 million, so the addition in just a month’s time is noteworthy as well.
A Great Start for Online Sports Betting in the Tar Heel State
When you read bookie tutorials, you will learn about how to tell if your sportsbook makes money, and what are the factors that can help you earn well. For sportsbooks in North Carolina, they do not release the breakdown on which sports got the most number of wagers. But in the US, April is a busy month with the MLB in full swing. You also have the NBA and the NHL getting into the playoffs. Of course, there are other important sports events that generate a lot of wagers as well, like tennis, golf, racing, and more.
Sports betting in the state began in March 11, 2024. In their first month, the handle for less than a full month in March was $456.7 million. That brings the total handle for 2024 at $1 billion in handle for just less than two months. March’s revenue was $55.496 million, and when combined with April’s revenue, we now have a year-to-date revenue of $171.7 million.
What’s Next for North Carolina Gaming
Currently, the numbers that we are seeing comes strictly from online sports betting. Retail betting is yet to start. According to the Lottery Commission, there are still no sign ups from operators to open a retail sports betting.
This is something most in the industry can easily understand. Given the ease and affordability of opening an online sportsbook, such as with a bookie pay per head service, its more practical to go for online betting. After all, in most markets that offer both retail and online sports betting, online wagering tends to take most of the share in handle. The state, however, may consider adding iGaming, bringing in online casino gaming, in future legislative sessions.
Want to Earn from Sports Betting? Become a Bookie with the Bwager Bookie Software Here!
