On March 11, sports betting became legal in North Carolina, leading to a significant increase in betting activity within a short period of time. Within 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 is responsible for overseeing sports gambling and 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 11 and continued to do so throughout the NCAA basketball tournament. Although the law allowing sports gambling was approved last year by the North Carolina General Assembly, 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 currently implementing other aspects of the sports wagering law, including regulations that will allow physical sportsbooks to operate within North Carolina’s borders.
