Doug Bonjour is a veteran sportswriter with more than a decade of experience, including in the realm of sports betting. He’s written for the New York Times, Associated Press, CBS Sports and Hearst Connecticut Media...
Read Full BioNorth Carolina closed its first year of legal sports betting on a high note with a historical handle high.
Bettors wagered a record $685 million in March, according to the North Carolina Lottery Commission’s latest report. That broke the previous record handle of $659.3 million in March 2024, the same month the Tar Heel State launched sports betting.
Of the total amount bet, $667.1 million was listed as paid wagering revenue, and the other $17.9 million was classified as promotional revenue.
Altogether, prizes paid to North Carolina sports betting customers was $643.6 million.
Revenue Dips for Operators
Despite that milestone, gross wagering revenue fell to $38.1 million, a 42.7% year-over-year decline from March 2024 and a 31.6% drop from February 2025. That marked the third-lowest amount of any month for the state.
The monthly hold was 5.78%, with the state collecting approximately $6.9 million in tax revenue.
While the state has eight active operators — DraftKings, FanDuel, BetMGM, Bet365, Fanatics, Caesars, ESPN Bet, and Underdog — the commission did not release details on how each performed.
Is Basketball Key to Success?
Last month’s record results coincided with March Madness, a marquee event in the basketball-crazed state. Duke and North Carolina are two of the most renowned men’s basketball programs in the country and have ardent followings. The top-seeded Blue Devils were a consensus favorite to win the tournament before losing in the Final Four to Houston. Meanwhile, the Tar Heels fell in the first round after advancing out of the First Four.
Both schools, as did NC State, had teams in the women’s tournament. All three made the Sweet 16 or deeper.
As a result, it may be no coincidence that the state’s sportsbooks were not as fortuitous as they’d been in the past.
Sports Betting: A Strong Tax Driver in North Carolina
North Carolina was the 38th state to legalize sports betting. In the 12 months since, expansion has slowed throughout the United States of America. Missouri is slated to launch later this year, while a few others are in active legislation.
Among them is Hawaii, which last week passed a bill for sports betting expansion through the state Senate.
In the first year of legalized sports betting, North Carolina earned $128 million in tax revenue. Operators took in more than $6.6 billion in bets over that period, with $5.85 billion won by consumers.
An 18% tax is levied on gross revenue from sports betting, with $2 million in annual proceeds directed to the Department of Health and Human Services for gambling addiction education and treatment programs. Another $1 million goes to youth sports programs, while up to $300,000 is set aside for the athletic departments at the state’s 13 universities.
Chief Regulatory Officer Eric Snider said in the state’s annual betting report: “From the moment work began, the goals stayed the same: to create a program that protects North Carolinians and raises revenue for our state responsibly.”
