May 21, 2024 - News

North Carolina's gambling losses so far

UKRAINE - 2021/04/07: In this photo illustration the FanDuel logo of a sports betting company is seen on a smartphone. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)

The logo of sports betting company FanDuel is seen on a smartphone. Photo illustration: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

North Carolinians lost around $105.3 million gambling on sports in April, according to new data released from the state's lottery commission.

Why it matters: The novelty of legal sports betting, which went live on March 11, doesn't seem to have worn off just yet, Axios Charlotte's Ashley Mahoney writes.

By the numbers: The total amount of money bet in North Carolina between March 11-31 was $659.3 million.

  • In April, it was $648.9 million.
  • North Carolinians lost roughly $105.3 million in total (considering the total amount of bets placed, won and canceled).
  • That amount is known as gross wagering revenue, and North Carolina taxes it by 18% — meaning the state's revenue for April from legal mobile sports betting was around $18.9 million (it was about $11.9 million in March, bringing the total thus far to roughly $30.8 million).

What they're saying: The state is tracking to generate well over $100 million in tax revenue during its first year and that number is only going to grow, Elon University sports management professor Bill Squadron tells Axios.

The bottom line: While we have the first full month of data, it's not enough to determine the trajectory of legal mobile sports betting in North Carolina, but Squadron expects the state to remain an active market.

  • At least a year's worth of data is necessary to properly analyze where things stand, UNC Charlotte economics professor Craig Depken told Axios.

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