As the summer temperatures rise, sports betting activity in has decidedly cooled off.
According to the North Carolina State Lottery Commission, state sports betting users wagered more than $398.25 million in the month of June, the lowest recorded handle in the four months the state has offered sports betting.
The slowdown is not unexpected, as most states experience a dip in the summer months when the betting markets are limited.
Lowest Totals Since Launch
Both the sports betting handle and gross gaming revenue totals were the lowest in North Carolina since launch. The state lottery commission reported $398,251,464 in total handle on sporting events, including paid wagering revenue and promotional wagering revenue.
Additionally, the state reported $40,302,263 in gross gaming revenues. At the state s 18% sports betting tax rate, North Carolina reported $7,254,407 in sports betting tax revenues. Since launching in March, the state has brought in nearly $50 million in sports betting tax revenues in just four months.
Compared with May, state sports bettors wagered nearly $113 million less in June and revenues decreased by nearly $23 million. States typically experience a summer slowdown at the conclusion of the NBA season when baseball is the only major sports betting market remaining.
The commission does not report individual operator totals.
Sports Betting Tax Revenue Distributions Remain Unchanged
North Carolina legislators had their final voting day of session on June 30 and did not agree to on how sports betting tax revenues would be distributed.
The North Carolina House proposed a budget earlier in June that included changes to sports betting tax revenue distributions, potential professional sports franchises eligible to partner with a sports betting operator, and additional funding for a youth outdoor engagement commission.
Under the proposal, an additional $5 million would have been provided to the Youth Outdoor Engagement Commission and the North Carolina Major Events, Games, and Attractions Fund will be reduced to 25% of remaining tax revenues. The general fund would receive whatever is left over from the sports betting tax revenues.
The additional 5% of remaining revenues would have been distributed equally among the following higher education facilities to support their collegiate athletic departments:
Appalachian State University
East Carolina University
North Carolina Agricultural Technical State University
North Carolina State University
University of North Carolina at Chapel Hill
University of North Carolina at Charlotte
Appalachian State University, East Carolina University, North Carolina Agricultural Technical State University, and University of North Carolina at Charlotte would have been eligible to double-dip into sports betting tax revenues.
