Tar Heel State Sees Record-High Sports Betting Handle in October

North Carolina just had its busiest month of sports betting since launching the industry in March.

The North Carolina State Lottery Commission has reported a sports betting handle of $612 million for October. That is over $60 million more than the state saw wagered in September, a promising sign for the final two months of the year. The substantial numbers continue a trend of the market outperforming projections, leaving experts unsure where its ceiling truly is.

Bettors in the Tar Heel State also had a big month, collecting over $560 million in winnings.

Football and World Series Boost Numbers

September’s handle was also impressive, thanks to the start of the college and pro football seasons. While the state’s team is unlikely to do much this season, it hasn’t stopped fans from getting in on the action.

October also received a boost from football betting, including the MLB playoffs. This year’s postseason featured some of the league’s most prominent teams squaring off, attracting a ton of wagers from bettors in North Carolina. That accounted for most of the increase in October, along with the start of the NBA and NHL seasons.

Biggest Months Could Still Lie Ahead

Unlike many other US markets, North Carolina fans prefer college basketball over football. The state is home to some of the most historic programs in the country, drawing massive crowds each season.

Sports betting launched just ahead of 2024 March Madness, missing almost the entire season. With the new season underway, expect to see several new records set for the state’s handle over the coming months.

State Eyeing Change to How Bettors Are Taxed

State Representative Erin Pare has shared that she will soon file a bill changing how bettors are taxed on their gambling winnings. The bill would allow customers to deduct gambling losses on their taxes. This would help alleviate some of the strain caused by problem gambling and help residents recover some of their losses.

Federal law treats sports betting like capital gains, where a bettor is taxed only on their net gain. However, North Carolina did not follow that model when setting up its sports betting market. This bill would change that, marking a significant win for residents.

While the proposal would reduce the state's tax revenue, the red-hot market has made that less of a consideration. The bill is expected to gain bipartisan support, though time will tell what opposition will form.