North Carolina’s betting revenues drop 40.1% after two full months

This figure is 40.1% less than the total for April, which was $105.3m. The first month in which betting was available in North Carolina since 11 March, April saw the operators go live.

May’s revenue also fell 5.1% short of the $66.5m in March, despite only being 11 days old. This three-week time period also included March Madness with the three North Carolina teams, UNC, NC State, and Duke, participating in this tournament.

Handle was $525.5m – the lowest ever. This figure is 19.0% less than April’s total of $648.9m, and 20.3% lower than March’s amount of $659.3m.

In May, $458.7m in total was won. This represents a 12.3% hold. Operators reported that in April they had a holding of 17%.

State officials did not disclose the amount of tax revenues received. North Carolina taxes digital operators at 18%.

In March, operators spent $202,6m on promotions to get a foothold into the new market.

In May it fell by 61.2%, to just $30.9m. The promotional amount for May was only 15.3% of the $202.6m in March.

North Carolina has not broken down their revenue reports by operators or sports. When the market opened, eight platforms were launched. These included big players like FanDuel or DraftKings. Two tribal casinos are also present.

North Carolina requires all operators to have a tie-in with a sports or tribal casino. DraftKings partnered up with Nascar while BetMGM formed a partnership with Charlotte Motor Speedway.

North Carolina not likely to expand.

It is unlikely that other verticals, such as online casino games or poker rooms will appear in the foreseeable future.

Tim Moore, speaker of the House, said to CBS17, that the bad feelings from the last session make it unlikely for other gambling forms, such as VLTs, to be introduced.

Moore stated: “I think the last year’s conversation about casinos has cast a shadow on the discussions regarding updates in the lottery, with VLTs etc.”