Solid First Month in North Carolina Sports Betting
North Carolina Gambling Report: More than $659M Wagered in March
Sports betting is off to a roaring start in North Carolina. More than $659 million was wagered between the March 11 launch date through March 31, with winnings totaling $590.7 million. Those figures, released Tuesday by the North Carolina State Lottery Commission, far exceeded expectations in the Tar Heel State.
The timing of the launch was certainly fortuitous, as it coincided with the start of the ACC men’s basketball tournament and March Madness. College basketball is of great interest in North Carolina, and it had to help that the state placed two schools — North Carolina State and Duke — in the Elite Eight of the men’s bracket. NC State also made the Final Four on the women’s side.
Bettors bet $456 million in paid wagers and another $202 million in promotional wagers, with the gross wagering revenue for operators hitting $66.4 million.
Here’s more on the North Carolina gambling report for March.
Tax Distributions at Hand
After an 18% tax, the state is expected to collect almost $12 million in revenue from the first month. The tax revenue will be directed to several different organizations throughout the state, including $2 million to the Department of Health and Human Services, which fosters treatment programs for gambling addiction.
Another $300,000 will be distributed to the athletic departments at 13 state universities, equaling a revenue rate of 20%.
No Specific Figures for Operators
The North Carolina gambling report did not release totals for each of the state’s sportsbooks. North Carolina has eight operators, each of which is required to partner with a pro sports team, venue, or organization. These sportsbooks include:
- Bet365 (Charlotte Hornets)
- DraftKings (Nascar)
- FanDuel (PGA Tour)
- Fanatics (Carolina Hurricanes)
- ESPN Bet (Quail Hollow Golf Club)
- BetMGM (Charlotte Motor Speedway)
- Underdog Sports (McConnell Golf)
- Caesars (TBA)
North Carolina’s handle ranks among the best first-month performances in the few years since online sports betting was legalized in the U.S. In fact, it compares similarly to New York ($1.6 billion in January 2022) and Ohio ($1.09 billion in January 2023), both of which have established themselves as leaders in the industry.
Time will tell if North Carolina is able to maintain these numbers, but early returns are encouraging. April is typically a slower month on the sports calendar, with the NCAA men’s and women’s tournaments giving way to the start of Major League Baseball. But things will again ramp up in short order as both the NBA and NHL playoffs get underway.
The four major sports (MLB, NBA, NFL, and NHL) are all available to bet on in North Carolina, as well as college basketball and football, the PGA Tour, NASCAR, and Olympic-style sports. However, betting on horse racing will have a different start date.
There are now 30 states (plus Washington, D.C.) with legal online sports betting and gambling games. That list will presumably grow over the next few years as online gambling becomes more mainstream.
Stay tuned for more updates on the North Carolina gambling report for March.
For sports betting news, odds, analysis, and more, visit Point Spreads Sports Magazine.
