North Carolina’s sports betting market experienced a significant downturn in February 2025, with handle dropping to its lowest point since August 2024. This decline comes at a notable time as the state’s regulated online sports betting market approaches its one-year anniversary on March 11, providing an opportunity to assess the market’s performance since its launch.
February Performance Shows Seasonal Slump Despite Super Bowl v5j28
According to figures released by the North Carolina State Lottery Commission on March 10, player spending on sports betting reached $526 million in February, marking a 16% decrease from January’s $646.9 million. This represents the fifth-lowest monthly handle since the market launched in March 2024, despite February featuring the Super Bowl, typically one of the biggest betting events of the year.
The February handle included $17.4 million in promotional wagers, down from $23.6 million in January, indicating a reduction in operator marketing spend. Additionally, $2.6 million in bets were voided during the month, while players collected winnings totaling $485.2 million.
Gross wagering revenue for February reached $55.7 million, reflecting a 25.2% decrease from January and falling well short of the state’s record revenue of $78.1 million reported in November 2024. The hold percentage for February stood at 10.59%, slightly lower than January’s 11.05%.
Despite the overall decline in handle and revenue, February marked a milestone for North Carolina as the state collected just over $10 million in tax revenue from sports betting for the first time since the market launched. This achievement underscores the growing contribution of sports betting to state coffers, even during a relatively slow betting month.
One-Year Market Performance Shows Strong Growth Trajectory 1d4s4f
As North Carolina approaches the first anniversary of its regulated online sports betting market, the cumulative figures reveal a robust performance. Since the March 2024 launch, the state has recorded a total handle of $4.4 billion, with $4.2 billion coming from paid wagers and $162 million from promotional spending.
The market has experienced significant fluctuations throughout its first year. November 2024 delivered the highest monthly handle at $657.7 million, while April 2024 set the record for monthly gross revenue at an impressive $105.3 million. The August 2024 lull marked the previous low point with a handle of $370.5 million, coming just before the start of the NFL season which traditionally boosts betting activity.
Licensed operators have generated approximately $2.5 million in total revenue since launch, with the state collecting $79 million in tax proceeds under its 18% tax rate on gross revenue. These figures demonstrate the substantial economic impact of legalized sports betting in North Carolina, despite the occasional monthly fluctuations.
Market Outlook and Competitive Landscape 3w5gh
North Carolina’s sports betting market currently features eight licensed platforms offering online wagering options, though the State Lottery Commission does not publish breakdowns of individual operator performance. This competitive environment has helped drive consumer engagement while creating a diverse marketplace for bettors in the Tar Heel State.
Looking ahead, industry analysts anticipate a potential rebound in March as the NCAA basketball tournament, colloquially known as March Madness, typically generates significant betting interest. This is particularly relevant in North Carolina, home to several prominent college basketball programs with strong fan bases.
The first year of legal sports betting in North Carolina demonstrates the market’s resilience and potential for long-term growth, despite seasonal fluctuations. As operators continue to refine their offerings and marketing strategies, and as the betting public becomes increasingly familiar with legal wagering options, the state appears well-positioned to build on its successful launch.
As North Carolina’s sports betting market matures, stakeholders will be watching closely to see if handle and revenue figures rebound in March and April, traditionally strong months for sports betting due to March Madness and the start of the MLB season. The state’s consistent tax revenue generation, even during a down month like February, suggests that sports betting has become a reliable source of public funding just one year after launch.
The February results, while representing a seasonal decline, should be viewed in the context of the market’s overall trajectory, which has seen North Carolina establish itself as a significant player in the expanding landscape of legal sports betting in the United States.
