Sports betting has recently been legalized in North Carolina, and in the first 20 days of operation, residents placed an astounding $659.7 million in bets. This amount includes both paid bets and promotional wagers, where sportsbooks offer incentives to new customers. Out of the total bets placed, people in North Carolina won more than $590 million.
The North Carolina Lottery Commission is responsible for overseeing sports gambling in the state and has issued licenses to eight companies to accept bets online and through smartphone apps. Popular companies like DraftKings and FanDuel heavily advertised their services leading up to March 11 and throughout the NCAA basketball tournament.
Although the North Carolina General Assembly passed a law allowing sports gambling in the previous year, it was not officially implemented until March 11, coinciding with the start of the college basketball tournament. The most recent data on sports betting activity in North Carolina comes from the Lottery Commission’s initial monthly report.
Sports betting has proven to be highly lucrative for companies accepting wagers in North Carolina, with total revenue reaching nearly $66.5 million in just 20 days in March. The state will tax this revenue at a rate of 18%. The Lottery Commission is currently working on implementing other aspects of the sports wagering law, such as allowing physical sportsbooks to operate in North Carolina.
