Sports Betting Slowdown Waits for Jump From NFL

By Keith Stein,
Editor at online-gambling.com

Keith Stein Editor at online-gambling.com

As a self-starter and goal-driven, Keith took up freelance writing in 1994 and within a few years moved into a full-time journalist position in 1997 in Washington, D.C. In recent years, he has published over 100 articles that focus on gambling news, reviews, and tips and tricks to give the player a slight advantage.

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Last updated: August 12, 2024

Online sports betting in North Carolina has experienced a steady downward trend for the past three months, a normal pattern during the summer months. Wagering is expected to pick up in September with the start of the NFL pro football season. Preseason started on Aug. 8 and is available to bettors.

On Monday, the North Carolina State Lottery Commission released its monthly sports wagering revenue report for July. The report compiles sports wagering revenue handled by eight licensed interactive sports betting operators in the state.

Between July 1 and July 31, bettors in North Carolina wagered $340,375,353 on sports events, a combination of real money wages and promotional bonus bets placed by users. Bettors in the state won $295,386,205 from their bets.

The total handle of $340 million in July is down from June’s 398 million. Sports betting services in the state held $42.2 million (12.4%) in revenue from the $340 million handle. State law places an 18% tax rate on the gross wagering revenue of each interactive sports wagering operator. For July, the total tax collected was $7.6 million.

North Carolina launched online sports betting in March and recorded over $659 million in wagers that first month. Eight sports wagering operators are active in the Tar Heel State: FanDuel Sportsbook, BetMGM, DraftKings Sportsbook, Fanatics Sportsbook, bet365, ESPN BET, Underdog Sportsbook, and Caesars Sportsbook.

To launch in North Carolina, Caesars Entertainment expanded its relationship with the Eastern Band of Cherokee Indians. Before online sports betting was launched in the state, Caesars already had two in-person Caesars Sportsbook locations at Harrah’s?Cherokee Casino Resort?in?Cherokee, and Harrah’s?Cherokee Valley River Casino & Hotel?in?Murphy.

Looking across the border, the neighboring state of Virginia will release its July sports wagering revenue at the end of August. In June, the Commonwealth of Virginia recorded a handle of $415 million in sports wagering, 27.6% higher than last June.

Looking a bit further north, the state of Maryland reported an even lower sports betting handle in July than North Carolina.

Maryland’s Fourth-Best Month for Taxes from Sports Wagering

Sports wagering in Maryland generated $6,254,056 in tax contributions to the state from a handle of $333,269,669 during July. That $6.2 million in tax dollars goes to the Blueprint for Maryland’s Future Fund, which supports public education programs. The Maryland Lottery and Gaming (MLG) office said it was the fourth-best single-month total, nearly double the $3.3 million figure recorded in July 2023.

The $333.3 million handled from bets in Maryland was an increase of 34.7% compared to the $247.4 million a year ago. Even with the summer slowdown revenue numbers are increasing year-over-year.

There are currently 13 mobile platforms and 12 retail locations available in Maryland for sports betting. However, the Old Line State is experiencing some issues with keeping operators in the state.

Sportsbooks Pull the Plug During Slowdown

Las Vegas-based Superbook Sportsbook closed its Maryland online service in mid-July while BetFred Sportsbook shut down its Frederick retail location in June and mobile app in July.

However, new sports wagering operators continue to show interest in Maryland.

The MLG issued a mobile sports wagering license to Veterans Services Corp. (VSC) and its operator partner Bee-Fee LLC on July 1. VSC is now available in the state with its mobile wagering app (LetsBetMD) and website (letsbetmd.com).

Rhode Island-based Bally Bet was issued a sports wagering license by the Maryland Lottery and Gaming Control Commission on July 29 and is live in the state today.