North Carolina’s online sports betting market reached a new milestone in September, setting an all-time handle record of $686.1 million as the start of football season fueled player activity. However, despite the surge in wagers, the state saw a year-over-year dip in revenue as operators’ win rates narrowed.
Record Handle Driven by NFL and College Football
According to the North Carolina State Lottery Commission’s monthly report, account holders across the state wagered $686,064,471 between September 1 and 30, combining both paid and promotional bets. This marked a 19.2% increase from the $575.4 million wagered in September 2024 and a 43.3% jump over August’s total.
The handle narrowly surpassed the previous record of $685 million set in March, making September the biggest month since online sports betting launched in March 2024. It also marked the second straight month of growth following a sluggish July performance.
Football season proved to be a decisive factor. The return of the NFL, coupled with college football, drew heavy betting interest, pushing North Carolina’s handle above $600 million for the eighth time in just 19 months of operation.
Revenue Falls Despite Handle Surge
While wagering volume hit new highs, operator revenue moved in the opposite direction. Gross wagering revenue reached $66.8 million, a 4.7% decline from the $70.1 million recorded in September 2024, when sportsbooks benefited from an unusually strong 12.2% hold.
The September 2025 hold rate stood at 9.74%, with sportsbooks unable to retain as large a share of betting activity as the previous year. Nonetheless, the result represented a 23.5% increase over August’s $54.1 million, signaling a rebound from summer lows.
Players won back $615.1 million, while approximately $4.2 million in wagers were voided or canceled. Promotional betting climbed sharply to $32 million, more than double August’s total, though still below September 2024’s bonus levels.
State Tax Revenue Tops $12 Million
North Carolina collected an estimated $12 million in sports betting taxes for September—slightly less than the $12.6 million generated in the same month last year but a notable improvement over August’s $9.7 million.
To date, North Carolina has collected more than $80 million in sports betting taxes in 2025, reflecting the consistent strength of the state’s young online wagering market.
FanDuel, DraftKings, Fanatics, ESPN Bet, Bet365, and BetMGM are among the eight operators active in the state. The North Carolina State Lottery Commission does not publish operator-by-operator breakdowns but continues to release monthly aggregate reports detailing handle, revenue, and taxes.
Outlook: Strong Momentum Heading into Fall
North Carolina’s September figures highlight the growing maturity of its sports betting industry. Despite the slight revenue dip year-over-year, the surge in handle suggests bettors are increasingly active, particularly during football season.
With the NFL and college football campaigns continuing through the end of the year, analysts expect sustained betting momentum into the final quarter of 2025. The Tar Heel State’s market—barely 18 months old—is already positioning itself among the top-performing regulated jurisdictions in the U.S.
Source:
“Report on sports wagering revenue in September posted”, ncgaming.gov, October 8, 2025
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