On March 11, North Carolina legalized sports betting and within three weeks, almost $660 million was wagered by state residents. This total includes both paid bets and promotional wagers offered by sportsbooks to new customers. Of that amount, North Carolinians won over $590 million.
The North Carolina Lottery Commission has granted licenses to eight companies to operate online platforms and smartphone apps for sports gambling. Popular companies like DraftKings and FanDuel heavily advertised their services leading up to March 11 and throughout the NCAA basketball tournament.
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.
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. Revenue generated by these companies will be taxed at a rate of 18% by the state.
The Lottery Commission is still in the process of implementing other aspects of the sports betting law, which includes provisions to allow physical sportsbooks to operate in North Carolina.