November looked a whole lot better than October for North Carolina sports betting operators.
Coming off bettor-friendly outcomes during an unprecedented run by NFL favorites in October, November revenue jumped 60.4% month-over-month as sportsbooks bounced back with a volume-heavy month that included the start of college basketball season.
The North Carolina State Lottery Commission reported that the eight online sportsbooks combined to produce $78.1 million in gross revenue, the second-highest recorded in the nine months since mobile wagering launched.
It's the third month the Tar Heel State has reached at least $70 million in revenue, but November’s haul was still $27 million behind the all-time high set in April, the first full month of sports betting.
| N.C. Sports Betting | Handle | Revenue | Tax (estimated) |
|---|---|---|---|
| November | $657.6 million | $78.1 million | $14 million |
Winning big
North Carolina online sportsbooks generated $657.7 million in wagers, the second-highest handle behind the $659.3 million accrued in March. November’s handle increased by 7.5% from October in the first month the Tar Heel State has experienced all major forms of football and basketball at the same time.
North Carolina sports betting operators FanDuel, DraftKings, BetMGM, Caesars, Fanatics Sportsbook, ESPN BET, bet365, and Underdog spent $19 million in promotional credits, the lowest since football began in September. More than $2.7 million in bets were canceled, and bettors took home $576.8 million, the second-most ever behind March.
The 11.8% hold was up nearly four points month-over-month and is the second double-digit win rate produced in the last four months.
Filling coffers
The lottery commission estimated that sportsbooks paid $14.1 million to the Tar Heel State in November, up from October’s $8.8 million tax haul. Final tax figures come from the North Carolina Department of Revenue.
Behind the 18% tax rate on online sports betting operators, the Tar Heel State has filled its coffers with nearly $100 million since March. Sportsbooks have hauled in nearly $548 million in revenue from the $4.8 billion wagered in North Carolina year-to-date.
In-person sports betting and pari-mutuel wagering have yet to launch in the Tar Heel State.
