In June, North Carolina sports bettors wagered nearly $400 million, marking a new low for the state. Despite the legalization of sports betting in the Tar Heel state in 2019, the industry has not seen the growth that was initially predicted.
According to data from the North Carolina Education Lottery, bettors placed $387.2 million in wagers in June, a 16% decrease from May’s total. This decline has raised concerns among industry experts and lawmakers about the long-term viability of sports betting in North Carolina.
One of the main factors contributing to the low numbers is the limited number of sports betting options available in the state. Currently, sports betting is only allowed at two tribal casinos, Harrah’s Cherokee Casino Resort and Harrah’s Cherokee Valley River Casino & Hotel. This has limited the number of bettors who can participate, as many residents in other parts of the state do not have access to these casinos.
Additionally, the lack of online sports betting options has also hindered the industry’s growth. While legislation has been proposed to allow online sports betting in North Carolina, it has yet to be approved by lawmakers.
Another challenge facing the sports betting industry in North Carolina is competition from neighboring states. With Virginia, Tennessee, and West Virginia all legalizing sports betting in recent years, North Carolina is at risk of losing out on potential revenue to these neighboring states.
Despite these challenges, industry experts remain optimistic about the future of sports betting in North Carolina. With the potential for online sports betting to be approved and the expansion of sports betting options in the state, there is hope that the industry will see growth in the coming years.
In the meantime, the North Carolina Education Lottery is working to promote sports betting through various marketing campaigns and initiatives. By raising awareness about the benefits of sports betting and expanding access to betting options, the industry hopes to attract more bettors and increase revenue in the future.
Overall, while the low numbers in June may be concerning, there is still hope that the sports betting industry in North Carolina will rebound and see success in the years to come. As lawmakers and industry stakeholders work together to address these challenges, there is optimism that sports betting will continue to grow and thrive in the Tar Heel state. So stay tuned for more updates on this evolving industry.
