North Carolina’s sports betting market has concluded its first full financial year with a total handle of $6.64 billion. This highlights a strong appetite for legal wagering in the state. The figures were released by the North Carolina State Lottery Commission, covering the 2025 fiscal year that ended on June 30. 

The market officially launched in mid-March 2024, making FY25 the first complete 12-month reporting period. Despite being relatively new, North Carolina’s sportsbooks saw impressive betting volumes. From the total handle, promotional wagers accounted for $222.5 million, while voided bets stood at $38.8 million. Bettors received $5.95 billion in winnings, resulting in $647.7 million gross revenue and an overall hold rate of 9.75%.

Furthermore, tax collections from the market amounted to $116.6 million, boosting the state’s coffers. Although the Commission does not disclose individual operator performance, major brands like FanDuel, DraftKings, and BetMGM have actively contributed to these results.

June Marks Slowdown After Strong Performance

The final month of FY25 brought a notable dip in betting activity. June’s handle totaled $433.2 million, the lowest monthly figure in the last 10 months. While this reflected an 8.8% year-on-year increase, the handle was down 23% from May. Also, players had $2.9 million worth of bets voided and received $372.2 million in winnings.

The gross wagering revenue in June was $58.1 million, increasing 44.2% from June 2024 but 10.9% lower than in May. The state claimed $11.5 million in taxes from the month’s betting activities.

Market Growth Driven by Major Operators and Promotions

North Carolina’s market performance has been driven by aggressive campaigns from leading operators. Promotional wagering accounted for more than $220 million of the total handle, showing that bonuses and sign-up offers are important in attracting and retaining users. 

Companies like FanDuel, DraftKings, BetMGM, and Fanatics lead in market share, though their specific financial contributions are undisclosed. However, their presence has created a competitive landscape in North Carolina’s growing market.

Outlook Positive as Market Enters Second Fiscal Year

As North Carolina enters FY26, the market outlook remains optimistic. Despite the seasonal dip in June, it has grown significantly within the first full year. This sector is poised to expand even further, with promotional activities and stricter regulation by the Lottery Commission. 

Stakeholders are focused on maintaining this momentum while building a responsible gambling market in North Carolina long-term.