NC Sports Betting Sees Close to $200 Million in Bets Placed in First Week

Onlookers have eagerly awaited the release of the monthly financial report for the new North Carolina sports betting market. Although the state has not yet unveiled the figures for the month, the initial results from the first week have already lived up to expectations.

With the introduction of legalized sports betting in the Tar Heel State on March 11, it comes as no surprise that the inaugural week saw a significant influx of activity, with nearly $200 million in bets placed. This commendable figure aligns with forecasts, particularly considering the strategic timing of the launch coinciding with March Madness, a prime opportunity to capitalize on heightened sports enthusiasm.

Eight interactive operators began accepting bets on March 11, coinciding with the start of the men’s Atlantic Coast Conference basketball tournament. Additionally, during the first week, the brackets for both the men’s and women’s NCAA tournaments were also underway.

During this period, the total amount wagered amounted to $198.1 million. Of this figure, $81.3 million originated from promotional bets, with the remaining $116.7 million coming from paid sports bets.

The total payout to winners reached $141.5 million, resulting in a gross wagering revenue of $42.6 million.

On the 20th day of each month, sportsbooks are obligated to pay an 18% tax on their total gaming revenue. Using the $42 million number from before as a guide, this means North Carolina will make more than $7.5 million from the first week of business alone.

First Day of Sports Betting in North Carolina

According to reports submitted by the North Carolina Lottery Commission, the state generated $23.9 million in betting revenue on the first day of the launch. From this figure, over $12.3 million came from promotional bets, and the remaining $11 million was from paid sports wagers.

Although the monthly results have yet to be officially disclosed, preliminary indications suggest that North Carolina anticipates a substantial betting volume, with projections reaching around $600 million, even though the reporting period may not include an entire month.

Meanwhile, as a result of legalizing sports betting in the state, more than 147,000 people have played digital instant lottery games since the launch, which has resulted in a significant increase in total lottery gaming income for this fiscal year compared to the previous year.

Still on sports betting news in the state, the issue of college prop betting has been recurring ever since the launch. While onlookers are on the bleak to know what stance the state will take on this issue, NCAA president Charlie Baker had this to say on Wednesday.

“Sports betting issues are on the rise across the country, with prop bets continuing to threaten the integrity of competition and leading to student-athletes and professional athletes getting harassed. The NCAA has been working with states to deal with these threats, and many are responding by banning college prop bets. This week, we will be contacting officials across the country in states that still allow these bets and asking them to join Ohio, Vermont, Maryland, and many others and remove college prop bets from all betting markets.

“The NCAA is drawing the line on sports betting to protect student athletes and to protect the integrity of the game- issues across the country these last several days show there is more work to be done.”

Following a response to Baker’s publication on X, Senator Jim Perry said a more effective path to take would be to “introduce legislation banning the NCAA.”

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Tebearau Egbe

Tebearau Egbe

Tebearau Egbe is a seasoned gambling writer with more than four years of experience. Armed with a Masters degree in philosophy, Egbe possesses a unique ability to dissect complex industry developments, distilling them into insightful narratives that captivate readers.

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