In North Carolina, the legalization of sports betting has led to a surge in wagering activity. From March 11 to April 30, residents of the state placed over $1 billion in bets through mobile phones and computers. This represents a significant increase in the amount wagered, especially when promotional wagers are factored in. The total amount wagered during this period was $1.308 billion.
While the amount of money being bet is impressive, customers have also won significant earnings, totaling $1.129 billion. Despite this, the paid winnings for April were slightly lower compared to the previous three weeks in March. Companies authorized to accept bets earned $171.7 million in gross wagering revenue, with the state receiving an 18% tax cut equating to $30.9 million.
The law that legalized sports betting allows for government proceeds from betting to be distributed for various initiatives, including funding for athletic departments at UNC system schools, programs for amateur sports, and education and treatment for gambling addiction. Additionally, the law permits in-person sports betting and statewide betting on horse races and live horse racing though these provisions are not yet implemented before its passing. Before this law was passed, sports betting was only allowed at three casinos operated by two American Indian tribes in North Carolina.
Overall, it seems that legalizing sports betting has brought about positive changes for both customers and businesses involved in the industry
