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North Carolina Has Huge First Month of Legal Sports Betting

Davis Isabela

Updated as of April 17, 2024 at 7:55 AM EDT • Read time: 1 min 47 sec. Links to Twitter and Google News.

DJ Burns Jr. #30 of the North Carolina State Wolfpack walks across the court as we look at North Carolina's first month of sportsbook action
DJ Burns Jr. #30 of the North Carolina State Wolfpack walks across the court in the second half against the Purdue Boilermakers on April 06, 2024 in Glendale, Arizona. Photo by Christian Petersen/Getty Images via AFP.

The long-awaited revenue figures for the inaugural month of legal sports betting in North Carolina have been released, and they are quite impressive. Our top sports betting sites are likely pleased that the launch occurred just in time for March Madness in the basketball-loving Tar Heel State.

The numbers from the North Carolina State Lottery Commission report have been released since the launch of North Carolina sports betting apps on March 11. March was a positive outcome after the state missed the opportunity to go live in time for the Super Bowl.

The launch timing was crucial, with betting totals and revenues surpassing expectations for state providers. The North Carolina sports betting scene benefited from the participation of the NC State Wolfpack, North Carolina Tar Heels, and Duke Blue Devils in the March Madness tournament.

April will signify the beginning of the first complete month of legal sports betting in North Carolina, following only 20 days of betting activity in March. Typically, April is considered the beginning of a slower season for sports betting, so it is expected that the figures from March will set the state record until September when the NFL season starts.

$659.3 million initial handle

During their inaugural month of operation in March, North Carolina sports betting apps exceeded expectations by reporting a total of $659.3 million in accepted bets within just 20 days. This impressive figure surpassed the estimated $594 million, indicating strong interest and participation from residents who took advantage of various North Carolina sportsbook promotions.

In just under three weeks, North Carolina’s betting activity surpassed Maryland’s total handle for the whole month.

The betting total consisted of $202,605,909 in promotional bets offered to new users on the state’s platform.

Those platforms include:

  • bet365 North Carolina in partnership with Charlotte Hornets
  • BetMGM in partnership with North Carolina Charlotte Motor Speedway
  • Caesars Underscoreg North Carolina in partnership with Tribal Casino Gaming Enterprise Cherokee
  • DraftKings NC in partnership with NASCAR
  • Fanatics Betting and Gaming in partnership with Carolina Hurricanes
  • FanDuel North Carolina in partnership with PGA Tour
  • ESPN BET North Carolina in partnership with Quail Hollow Golf Club

Regrettably, individuals closely monitoring the North Carolina situation were unable to access any data revealing the state’s revenues or betting activities for specific sportsbooks.

Revenues impress

The North Carolina sports betting industry generated revenues of just under $12 million, after paying out $590,750,303 in winnings from a total handle of $659,308,541.

North Carolina sports betting apps generated approximately $66.2 million in taxable revenue, resulting in $11,969,318 in taxes at an 18% rate. This amount represents 18% of the projected annual tax revenue of $64 million, and these figures are for the first month of operation.

As the U.S. sports betting and North Carolina sports betting sites prepare for the slower summer months, March marked a strong beginning for the highly anticipated new market set to launch this year.

Written By:
Davis Isabela
Davis Isabela is the Editor-in-Chief of Underscoreg Review. He has been a writer, reporter and editor for more than 20 years, and his work has appeared in more than 200 publications across North America. His first book, “100 Greatest Canadian Sports Moments”, was a hardcover best-seller in Canada in 2008. He has written more than 50 sportsbook reviews and dozens of other sportsbook-related content articles. James has also been quoted as a sports betting expert in USA Today and Sports Illustrated.