North Carolina became the latest state to legalize sports betting on March 11th, leading to a significant increase in betting activity within a short period of time. In just 20 days, residents placed nearly $660 million in bets, which included both paid bets and promotional wagers offered by sportsbooks to attract new customers. Of this amount, people in North Carolina managed to win over $590 million.
The North Carolina Lottery Commission, responsible for overseeing sports gambling, issued licenses to eight companies to accept bets online and through smartphone apps. Popular companies like DraftKings and FanDuel aggressively marketed their services in the weeks leading up to March 11st and continued to do so throughout the NCAA basketball tournament.
Although the North Carolina General Assembly approved the law allowing sports gambling last year, it only came into effect in March, coinciding with the start of the college basketball tournament. These recent figures are from the Lottery Commission’s first monthly report on sports gambling activity in the state.
The revenue generated by sports betting companies in North Carolina is substantial, with a combined total of almost $66.5 million earned in just 20 days. The state plans to impose an 18% tax on this revenue. Additionally, the Lottery Commission is in the process of implementing other aspects of the sports wagering law, including regulations to permit physical sportsbooks in North Carolina.
