The gambling industry in North Carolina has enjoyed what can only be described as a stellar debut year over the past nine months. Following a long-awaited launch in March 2024, sports betting in the state experienced an explosive start, setting a record for the highest monthly betting handle in the first month of operation. 

While many anticipated this record would hold until at least 2025, bettors in the Tar Heel State came remarkably close to surpassing their all-time monthly wagering total in November. According to the North Carolina State Lottery Commission, sportsbooks accepted a whopping $657.7 million worth of total bets in November. 

This figure fell just $1.6 million short of the all-time high of $659.3 million set in March, the inaugural month of legal sports betting in North Carolina. Notwithstanding, bettors in North Carolina still managed to break one record from March. Of the total $657.7 million betting handle reported in November, $638.7 million came from real money wagers, the highest in any month since launch. 

Also, compared to March 2024 when about 30.6% of the total betting handle ($202 million) came from bonus bets and promotional wagers, only about 3% of November’s betting handle tally ($19.6 million) stemmed from a similar source.

Total Bets in North Carolina Cross $4.7 Billion Amid College Football Season

Although November’s betting handle couldn’t top March’s all-time high, it still marked a significant uptick from the previous months. The $657.7 million total bets wagered in the month was 7.46% higher than the state tally in October. November also marked the fourth time that North Carolina sports betting handle crossed the $600 million milestone.

Besides, the kickoff of college football and basketball seasons appears to have boosted sports betting activity in North Carolina. In the past three months, reports from the state’s lottery commission have shown a consistent upward trend in both betting handle and revenue. For context, bettors have wagered an average of $615 million per month since September.    

Interestingly, not only have sportsbooks in the state received money bets, but they’ve also kept a chunk in revenue, too. The gross gaming revenue for November stood at $78.1 million, again the second highest recorded since the inception of sports betting in the state. From a month-over-month perspective, November’s revenue represents a massive 60.5% growth from October. 

Cumulatively, the state has now accepted over $4.7 billion in total bets since the industry launched in May. And with a total revenue of $272.3 million reported across the last five months, the state is on track to surpass $1 billion within its second year of legal sports betting. 

North Carolina to Use Sports Betting Tax Revenue to Support University Athletic Programs

Unlike many other states, the North Carolina State Lottery Commission does not publish the monthly financial performances of sportsbooks. But while it may be difficult to tell who brings in what, there’s no doubt that DraftKings and FanDuel would be in the top positions, especially for betting handle. Other operators licensed in the state include Caesars, Bet365, Underdog, BetMGM, ESPN Bet and Fanatics. 

Together, all eight companies combined to pay $14.1 million in taxes to the state at a rate of 18% on their gross gaming revenues. The Lottery Commission has since disclosed that a portion of the tax revenue will fund athletic programs at 13 public universities within the state.

For now, only online sportsbooks are active in North Carolina, with in-person betting restricted to the state’s three tribal casinos. But despite this limitation and being only nine months in, North Carolina is surpassing expectations. And should it maintain this steady momentum, the industry in North Carolina could grow to compete favorably with states that legalized sports betting earlier, like Michigan, New Jersey and Ohio.