North Carolina’s sports betting launch in March was the country’s largest addition in some time, and expectations were high for the state — especially since it coincided with March Madness. Well, returns have not disappointed: North Carolina sports betting saw $198 million worth of bets placed in just the first week of betting legalization.
On top of the sheer quantity of money placed the week of March 11, the state came away pretty clean in terms of revenue, as that $198 million led to $142 million in payouts. After taxes and such, the Tar Heel State bagged $43 million in gross betting revenue that first week alone.
A whopping $11 million of that came on just the first day from $24 million in total wagered money. NCAA conference championships came shortly after the launch of sports betting, and several North Carolina teams made deep runs — North Carolina State upset North Carolina to win the ACC Tournament, for example.
The hype surrounding three major schools (those two plus Duke) also likely played a huge role in sports betting revenue for North Carolina. With North Carolina State’s improbably run to the Final Four coming at just the right time, some estimate the full first month of sports betting in the state could reach $600 million — a smashing success, to say the least.
Eight sportsbooks launched in North Carolina on March 11, each requiring a sponsorship with either a sports league or team when securing their license:
The only real snag in the NC sports betting story is a recent move to ban player prop betting on college sports. North Carolina opened as one of a handful of states to allow it — D.J. Burns props, come on down — but there have been some reports of harassment as a result of CBB player prop betting. The NCAA is reportedly contacting states about banning the practice to help deal with the issue, and North Carolina may follow other states like Ohio in doing so.
That aside, North Carolina is killing it right now.
