North Carolina Sports Betting Market Cools Off in July

North Carolina’s sports betting scene experienced a summer slowdown in July with withdrawal activity dropping significantly compared to previous months. The total bet or handle for the month reached $340.4 million touched a 14.5% decline from June and the lowest monthly figure since the state launched legal online sports betting in March.

This seasonal dip is a typical trend in the US sports betting industry, as July generally offers fewer high-profile sporting events. While Major League Baseball is in full swing, North Carolina‘s lack of a home team in the league contributes to the quieter period.

Despite the lower handle, sports betting operators in the state managed to increase their revenue. By carefully managing odds and promotions, they achieved a stronger hold of 12.9% on wagers, resulting in gross revenue of $42.2 million – a 4.7% uptick from the previous month. This strategic approach allowed operators to offset the impact of the reduced betting activity.

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North Carolina’s sports betting market has shown promising growth since its launch in March, with a total of $2.57 billion wagered in the first four and a half months. However, the initial excitement and heavy betting on events like the NBA playoffs and March Madness have subsided, leading to the current slowdown.

As the new fiscal year begins, industry observers will be watching to see how the market rebounds in the coming months. The return of football season, both college and professional, is expected to reignite interest and drive betting activity back up the betting.

IGB Said on X:

Sports betting handle in North Carolina fell for the fourth consecutive month in July, though revenue increased for operators in the Tar Heel state thanks to an improved hold.