North Carolina in October: Revenue plummets while handle rises
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 months. September’s hold was the third-highest since launch. Operator hold was a robust 16.2% in April and 12.4% in July.
Bettors bet $600m+ for third time
During the month, according to the report, bettors wagered $612 million, the third-highest total since launch and the third time that handle topped $600 million. Operators wrote off $23 million in promotional play. Handle after the adjustment was $589.1 million, $560.6 million of which went back to bettors in winnings. Adjusted gross revenue (AGR) was $48.7 million and operators paid the state $8.8 million in tax revenue.
The North Carolina Lottery does not release individual operator figures or betting by sport. Operators are taxed at 18% of AGR.
Parimutuel betting rules progressing
Also today, the North Carolina State Lottery Commission announced that it has extended the window for public comment on proposed rules around pari-mutuel wagering. The commission in September rolled out the new rules and opened a public-comment period. After some revisions, the public-comment period will remain open until 27 November.
The commission will also hold a public hearing on 18 November. Those who want to comment must register online here, or may submit comments in writing to [email protected].