North Carolina's sports betting market delivered impressive results in December, with revenue doubling year-over-year, despite only a modest increase in betting volume and falling below the record high set in November. More regional market analysis can be found on the PASA official website.
December Key Data: Revenue Surges 128%, Betting Volume Slightly Down from Previous Month
According to data released by the North Carolina Lottery Commission, the total sports betting volume in December reached $665.9 million, up only 5.8% from the same period in 2024, and significantly lower than the record $814 million in November 2025. From the revenue perspective, the performance was even stronger:
Of the total wagering revenue for the month, $651.1 million was actual paid revenue, with the remaining $14.8 million coming from "promotional betting" revenue;
After deducting canceled bets ($3 million) and player prizes ($581.4 million), December's gross wagering revenue (GGR) reached $81.5 million, up 128% from $35.7 million in the same period of 2024, although still 12.3% lower than the November data (the state's monthly revenue record was $105.3 million in April 2024). Additionally, the statewide sports betting hold rate (based on total betting volume) for December was 12.24%, estimated to contribute about $14.7 million in tax revenue to the state.
Semi-Annual Performance: Betting Volume Exceeds $3.8 Billion, Market Expansion Momentum Steady
Looking at the performance for the first half of the 2025-2026 fiscal year (ending in December), the North Carolina sports betting market shows a steady expansion trend:
The cumulative betting volume for the half-year reached $3.83 billion, up 20.1% year-over-year;
The cumulative GGR was $396.2 million, up 28.4% year-over-year, with an overall hold rate stable at 11.63%, indicating continuous optimization of market operational efficiency. Behind these achievements are the sustained efforts of leading operators — FanDuel, DraftKings, Fanatics, ESPN Bet, Bet365, and BetMGM are all currently operating in the state, creating a diverse competitive landscape.
Market Characteristics: Divergence Between Betting Volume and Revenue, Compliance Operation Key
December data shows a "moderate growth in betting volume, significant increase in revenue" characteristic, with core reasons including:
Hold rate optimization: Operators enhance prize rate control efficiency through refined operations, with December's 12.24% hold rate higher than the half-year average;
Event-driven: The end of the NFL regular season and the popularity of college sports events in December drove a higher proportion of high-value bets;
Compliance assurance: Although the state lottery commission did not disclose data for individual operators, it clearly requires all participants to comply with state regulations, avoiding diversion by illegal platforms. This divergence also reflects the North Carolina sports betting market's transition from "scale expansion" to "quality improvement," laying a foundation for continued growth.
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