North Carolina Has Good First Week of Legal Sports Betting

The North Carolina State Lottery Commission has revealed the revenue figures for the initial week of legalized sports betting, which commenced on March 11. Based on the early results, it appears that North Carolina sports betting apps, retail providers, and top sports betting sites are poised for success in the future.

Sterl Carpenter, deputy executive director of gaming compliance and sports betting, stated at a Commission meeting on Wednesday that mobile sports betting in North Carolina has had a successful beginning according to various reports. Some operators have confirmed this in interviews and public statements.

The rapid start of sports betting in North Carolina, particularly in the basketball-obsessed state, is not unexpected. However, the overall level of activity, revenue, and tax contributions may come as a surprise to regulators in the state.

The North Carolina scene received a significant boost from NC State’s impressive late-season run, culminating in their ACC Tournament championship victory after winning five games in five days. Additionally, the presence of Duke and the University of North Carolina in the March Madness tournament added to the excitement in the region.

Carpenter essentially confirmed the sentiment on Wednesday, stating, “I believe this is due to NC State and North Carolina performing well in the basketball tournaments.”

Getting into the numbers

In the inaugural week of legalized sports betting in North Carolina, gamblers placed $198.1 million in sports wagers. Based on this figure, estimates suggest a total handle of $594 million for the first month of legal sports betting in the state.

During the state’s first week of wagering, over $81 million in promotional bets were placed, resulting in more than $141 million in winnings for state bettors. The success of these bets was likely boosted by the various North Carolina sportsbook promotions offered during that time.

During the first week of sports betting in North Carolina, the state’s sports betting sites and retail providers generated approximately $42.7 million in gross gaming revenue. This resulted in $7.7 million in tax revenue for the state, based on an 18% tax rate.

Day 1

On the first day of legal sports betting in North Carolina, $23.9 million in wagers were placed in just 12 hours, from noon to midnight. Revenues for this time period reached $11.03 million, with Tar Heel State providers paying nearly $2 million in taxes.

North Carolina sports betting sites distributed over $12 million in promotions on the day before the ACC Tournament and a week before the start of March Madness.

GeoComply, the leading geolocation solutions provider in America, detected 5.3 million geolocation checks in North Carolina within the initial 48 hours of sports betting being legalized. During this time, nearly 370,000 sportsbook accounts were active.

Will college prop betting be banned n North Carolina?

Currently, North Carolina permits prop betting on college athletes, but this may change if the NCAA has its say. The popular practice could be banned in the Tar Heel State, known for its basketball obsession.

On Wednesday, the NCAA announced its plan to pursue a national ban on college player prop betting, coinciding with the release of North Carolina’s first-week report.

It is unclear whether North Carolina will join Maryland and Ohio in prohibiting bets on individual college player performances through sports betting apps. A spokesperson for the North Carolina State Lottery Commission stated that if the NCAA requests a ban on college player prop bets, the Commission will carefully consider the request in accordance with the sports betting statute.