Sports betting in North Carolina became official on March 11, with the state quickly raking in $659.8 million in wagers within just three weeks. This amount includes both paid bets and promotional wagers, where sportsbooks offered incentives to new customers. Out of this total, North Carolinians won over $590 million.
The North Carolina Lottery Commission granted licenses to eight companies to accept bets through online platforms and smartphone apps. These companies heavily advertised their services leading up to March 11 and throughout the NCAA basketball tournament. The sports betting industry in North Carolina is seeing significant financial gains, with companies collectively earning nearly $66.5 million in just 20 days in March alone. Revenue generated by these companies will be taxed at a rate of 18% by the state.
While the North Carolina General Assembly approved sports betting legislation last year, it wasn’t officially launched until March, coinciding with the start of the college basketball tournament. The Lottery Commission recently released its first monthly report on sports betting activity in the state, showing that the industry is already making a significant impact on North Carolina’s economy.
The sports betting law also includes provisions to allow physical sportsbooks to operate in North Carolina, but this aspect of the industry is still being implemented by the Lottery Commission. In addition, there are concerns about potential negative effects that gambling could have on young people and vulnerable populations, which will continue to be monitored closely by state regulators as the industry continues to grow.