November marked a record month for paid wagers, with bettors staking over $638.6 million — an increase of nearly $50 million from October’s $589 million.
The total handle for November was $657.6 million, narrowly missing the March debut record of $659.3 million, which was boosted by $202 million in promotional bets offered by operators.
Breaking Records in Betting Activity
The impact of the North Carolina sports betting market extends beyond betting handles. November alone brought in $78 million in gross wagering revenue for North Carolina’s eight licensed sportsbooks, with the state collecting more than $14 million in taxes.
Since the launch, the state has collected $98.6 million in tax revenue, underscoring the economic benefits of its 18% tax rate on gross wagering revenue.
House Bill 347 dictates that these funds be allocated strategically. Annually, $2 million supports gambling addiction programs through the Department of Health and Human Services, while $1 million goes to amateur and youth sports initiatives.
An additional $300,000 benefits major universities, and $1 million is directed toward Outdoor Heritage Advisory Council grants.
Rep. Jason Barrett, a prominent figure in the national gambling legislation landscape, reflected on the industry’s success, stating,
“I’ve seen no evidence sports gambling has dramatically increased addiction…most people are betting for fun — not with the expectation of making money.”
Implications for South Carolina’s Ambitions
South Carolina, a state historically resistant to gambling, is taking note of North Carolina’s success as it considers its own sports betting legislation. A new bill, HB3625, pre-filed in December, aims to bring sports wagering to South Carolina by 2025.
The proposed South Carolina Sports Wagering Act would establish a commission to oversee the market, which would feature a cap of eight licenses and a 12.5% tax on adjusted gross revenue.
Proponents of the bill point to North Carolina’s flourishing market as a potential model. In its first nine months, North Carolina bettors wagered more than $4.7 billion, generating $547 million in gross revenue and nearly $100 million in state taxes.
Such figures could be persuasive for South Carolina lawmakers, especially with bipartisan sponsorship for HB3625 from Rep. Chris Murphy (R) and Rep. J. Todd Rutherford (D).
However, challenges remain. South Carolina Governor Henry McMaster, a staunch opponent of gambling, will hold office until 2027. Additionally, South Carolina has no history of land-based casinos or online betting outside its state lottery, making the transition to sports wagering more complex.
North Carolina’s success highlights both opportunities and challenges for South Carolina. On one hand, the revenue potential is undeniable. On the other, concerns about problem gambling and financial health loom large, with studies suggesting legalized gambling can exacerbate financial instability for some households.
As South Carolina debates its path forward, North Carolina’s experience serves as both an inspiration and a cautionary tale. With a strong regulatory framework and strategic allocation of funds, sports betting can deliver substantial benefits — but it also requires careful oversight to address potential pitfalls.
