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North Carolina's sports betting revenue in September was $66.8 million, a year-on-year decrease of 4.7% but a month-on-month increase of 23.5%.

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The North Carolina Lottery Commission reported that in September 2025, the state's total sports betting revenue reached $66.8 million. Although there was a 4.7% decrease compared to the previous year, there was a 23.5% increase from the previous month, setting a record high for the past eight months. Players paid a total of $654.1 million in bets, up 21.5% year-over-year, with a total handle (including $32 million in promotional bets) of $686.1 million. The hold percentage for the month was 9.74%, and sports betting tax revenue was estimated at $12 million, slightly lower than the $12.6 million from the same period last year. This marks the second consecutive month of growth since hitting a historical low in July, indicating a recovery trend in the market, with major operators like FanDuel and DraftKings remaining active.

Monthly Performance Overview

In September 2025, the total revenue for the sports betting market in North Carolina reached $66.8 million, the highest monthly total since January 2025. This data reflects a recovery trend in the market following a summer slump.

Despite the considerable size of the revenue, this figure represents a 4.7% decrease from the $70.1 million reported in September 2024, indicating there is still some annual disparity.

Revenue Data Analysis

Looking at the month-over-month data, there was a significant improvement in September, with revenue increasing by 23.5% from $54.1 million in August 2025. This growth continues the rebound from the low point in July, marking two consecutive months of growth trends.

This trend suggests that the sports betting market in North Carolina may be gradually regaining growth momentum, moving away from the previous slump.

Player Betting Expenditure

Players actually paid $654.1 million in bets in September, up 21.5% from September 2024, showing a significant increase in player participation. Compared to $463.8 million in August 2025, the month-over-month increase was 41%, indicating strong growth momentum.

After including $32 million in promotional bets, the total handle reached $686.1 million, up 19.2% year-over-year and 43.3% month-over-month.

Hold Rate and Market Performance

Based on the total handle, the hold rate for the sports betting market in North Carolina in September was 9.74%. This rate reflects the proportion of revenue retained by operators from the total amount bet, an important indicator of market efficiency.

The level of the hold rate indicates that the market operation is within a normal range, with a relatively balanced distribution of value between operators and players.

Tax Contribution Situation

The estimated contribution of sports betting to state tax revenue in September was $12 million. This figure is slightly lower than the $12.6 million reported in September 2024, a decrease of about 4.8% year-over-year.

However, compared to $9.7 million in tax revenue in August 2025, there was a significant month-over-month increase of 23.7%, indicating an improvement in tax contributions.

Player Returns and Betting Adjustments

The North Carolina regulatory body reported that players received a total of $615.1 million in returns from sports betting in September. This data reflects the actual amount won by players, an important element in calculating net income.

Additionally, approximately $4.2 million worth of bets were voided or canceled, and these bets do not participate in the final revenue calculation.

Operator Market Participation

North Carolina has not released a complete breakdown of individual operator performance, but confirmed major operators include FanDuel, DraftKings, Fanatics, ESPN Bet, Bet365, and BetMGM, among others.

These operators have been active since the state launched its legal online sports betting market in March 2024, collectively driving market development.

Market Background and Development

North Carolina launched its legal online sports betting market in March 2024 and has been operating for about 18 months. The market experienced an initial rapid growth phase, followed by a more stable development period.

The current market performance reflects the industry gradually finding a balance point after an adjustment period, with both operators and players becoming more familiar with market rules.

Future Outlook and Trends

The continuous two-month growth trend may indicate that the sports betting market in North Carolina is entering a more stable development stage. With the ongoing major sports seasons, market performance is expected to further improve in the coming months.

Regulatory bodies and operators will continue to monitor market dynamics to ensure the industry's healthy and sustainable development, while providing stable tax revenue for the state government.

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