{"id":1583560,"date":"2024-06-10T13:00:17","date_gmt":"2024-06-10T17:00:17","guid":{"rendered":"https:\/\/sports7.us\/?p=1583560"},"modified":"2024-06-10T13:01:54","modified_gmt":"2024-06-10T17:01:54","slug":"north-carolina-online-sports-betting-handle-drops-19-in-may","status":"publish","type":"post","link":"https:\/\/sports7.us\/news\/north-carolina-online-sports-betting-handle-drops-19-in-may\/","title":{"rendered":"North Carolina Online Sports Betting Handle Drops 19% In May"},"content":{"rendered":"<p>The <a href=\"https:\/\/ncgaming.gov\/about\/reports\">North Carolina State Lottery Commission<\/a> reported an online sports betting handle of $525.5 million in May 2024, a 19% decrease compared to April a few months ago.<\/p>\n<h2>North Carolina has generated $1.8 billion in betting revenue, $234.8 million in gross wagering revenue<\/h2>\n<p>A drop in promotional credits was a contributing factor. The Tar Heel State\u2019s eight <a href=\"https:\/\/sports7.us\/betting-sites\/\">online sportsbooks<\/a> provided $202.6 million in the first three weeks after the March 11 launch and another $79.7 million to attract new patrons in April.<\/p>\n<p>North Carolina's eight licensed sportsbooks are bet365, BetMGM, Caesars, DraftKings, ESPN BET, Fanatics, FanDuel, and Underdog.<\/p>\n<p dir=\"ltr\">In May, North Carolina operators produced $63.08 million in gross revenue, down 40% from April\u2019s $105.25 million. The state's 12% hold also marked the third consecutive month in double digits. It fell short of April\u2019s 18.5% win rate.<\/p>\n<p dir=\"ltr\">The North Star State has now generated $1.8 billion in wagering revenue since March 11, including $1.5 billion if promo credits are excluded. Online sports wagering has cleared almost $1.6 billion in earnings. Operator revenue for the first three months is over $234.8 million as well.<\/p>\n<p dir=\"ltr\">Additionally, the state reported $3.8 million in canceled wagers for last month, bringing the three-month total to $11.1 million.<\/p>\n<h2 dir=\"ltr\">Tar Heel State taxes licensed sports betting operators at 18%<\/h2>\n<p dir=\"ltr\">North Carolina taxes licensed operators at an 18% rate. The initial proposed tax rate was 14%, which was amended in the Senate. The 18% tax is placed on both retail and online sportsbooks.\u00a0The North Carolina Department of Revenue is responsible for collecting tax revenues from each licensed operator.<\/p>\n<p>According to the N.C. General Assembly via N.C. Gen. Stat. \u00a7105-113.128, tax proceeds from gross sports wagering revenue will be allocated to benefit the state. About $2 million annually will be donated to the Department of Health and Human Services for gambling addiction education and treatment programs.<\/p>\n<p>Approximately $1 million will help fund North Carolina Amateur Sports to expand opportunities in youth sports. Plus, up to $300,000 annually is expected to be given to collegiate athletic departments at 13 state universities.<\/p>\n<p>Moreover, about $1 million will be donated annually to the North Carolina Youth Outdoor Engagement Commission (NCYOEC) for grants of up to $5,000 per team or group, per county.<\/p>\n<p>Funds for NCYOEC help cover the cost of travel to in-state or out-of-state sporting events. It also covers the cost of grants of up to $25,000 to attract amateur state, regional, area, and national sporting events, tournaments, and programs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The North Carolina State Lottery Commission reported an online sports betting handle of $525.5 million in May 2024, a 19% decrease compared to April a few months ago. North Carolina has generated $1.8 billion in betting revenue, $234.8 million in gross wagering revenue A drop in promotional credits was a contributing factor. The Tar Heel [&hellip;]<\/p>\n","protected":false},"author":305,"featured_media":1583561,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[447316],"tags":[447423,447424,447426],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>North Carolina Online Sports Betting Handle Drops 19% In May<\/title>\n<meta name=\"description\" content=\"The North Carolina State Lottery Commission reported an online sports betting handle of $525.5 million in May 2024, a 19% decrease...\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sports7.us\/news\/north-carolina-online-sports-betting-handle-drops-19-in-may\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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