Two years after legal online wagering began, sports betting activity in North Carolina has surpassed $13 billion in total wagers, reflecting steady growth since the market opened in March 2024. Eight licensed operators currently accept bets across the state, generating hundreds of millions of dollars in tax revenue.
Residents placed their first legal sports bets on March 11, 2024. Since then, betting volume has climbed steadily, with combined wagers approaching $14 billion when including both paid and promotional bets.
February 2026 marked the 24th month of legal online betting. Sportsbooks reported more than $581 million in paid wagers, the lowest monthly total since August, but up 10.6 percent from February 2025. The overall handle reached $596.1 million, ending a five-month streak of $600 million-plus wagering months.
February Results Reflect Seasonal Trends
The February results included bettingtied to the Super Bowl and also followed interest in the Winter Olympics. Compared with the same month in 2025, betting volume rose by 13.3 percent from $525.9 million.
Sportsbooks reported $58.1 million in gross wagering revenue for the month, representing a 4.5 percent increase from February 2025. The hold rate declined to 9.7 percent from 10.2 percent a year earlier.
Bettors collected $535.2 million in winnings during the month. Operators also recorded more than $2.8 million in wagers that were voided or canceled.
Promotional spending dropped during February, with sportsbooks distributing $14.4 million in incentives tied to major events such as the Super Bowl. That figure came in roughly $3 million lower than the same period in 2025 and nearly $6 million less than the promotional total recorded in January.
Tax Revenue and State Funding
The 18 percent tax on gross wagering revenue generated about $10.4 million in February. The first two months of 2026 produced nearly $25 million in tax revenue. Over two years, operators have contributed more than $260 million in taxes.
State allocations include $2 million annually to the North Carolina Department of Health and Human Services for gambling addiction treatment and $2 million to two youth sports organizations. Athletic departments at 13 University of North Carolina System schools each receive $300,000 annually, excluding North Carolina State University and University of North Carolina at Chapel Hill. Remaining tax revenue is split between the state’s general fund (50%), a major events fund (30%), and the athletic departments (20%).
Growth in the First Two Years
Across the two-year period since legalization, operators have produced nearly $1.5 billion in gross wagering revenue. Bettors have collected approximately $12.4 billion in winnings from wagers placed during that time.
Online sportsbooks dominate the state’s betting market, though three tribal casinos in North Carolina also operate retail sportsbooks.
A documentary examining the effects of legalized sports betting in the state over the past two years is scheduled to premiere across WRAL platforms on March 18.
Source:
“Two years into legal sports betting, North Carolina reaches $13B in paid bets”, wral.com, March 6, 2026
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