In the Atlantic Coast Conference, all teams have reached the Sweet 16 for the first time in nearly a decade. This has sparked excitement in North Carolina, which recently legalized sports betting. The North Carolina Education Lottery Commission has reported that $141 million was paid out in winnings during the first week of legalized sports betting, with an estimated $198.1 million wagered. The “gross wagering revenue,” used to calculate the state’s tax cut of 18%, was close to $42.7 million.
College basketball has been a major contributor to the revenue, with NC State fans experiencing strong payouts as the team performed well in the ACC Tournament and advanced to the Sweet 16. While it is too early to make comparisons with other states, North Carolina’s sports gambling launch seems to be on par with Massachusetts’ rollout last year.
Sterl Carpenter, an executive overseeing sports gambling in North Carolina, mentioned that mobile sports wagering has had a strong start according to operators’ public comments. However, as teams continue to win, odds may change, affecting payouts for those who placed bets earlier. At present, sportsbook director Johnny Avello from DraftKings has UNC at +1100 to win the NCAA tournament, Duke at +2200 and NC State as an underdog at +9000.
The excitement surrounding sports betting in North Carolina is expected to remain high even after March Madness ends. Las Vegas oddsmakers are also favoring the Carolina Hurricanes’ chances at winning the Stanley Cup, listing them as the second favorite team. The trend towards sports betting is expected to continue in North Carolina and other states in coming months.
