Online North Carolina Sports Betting Industry

Success for Online North Carolina Sports Betting in First Week

By Amelia Walker Senior Content Writer Updated: 13 April 2024

Amelia Walker Senior Content Writer

Amelia Walker is a Senior Content Writer at Betting.US. She has a law degree and deep knowledge of the gambling laws in the United States. Her mission is to keep players informed about responsible gambling, while her passion for sports helps her create useful guides. Amelia has over a decade of experience in betting, which has positioned her as a trusted voice among our readers.

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It has been reported that North Carolina’s online sports betting market has got off to a strong start. Just two weeks following the launch of legal online sports betting in North Carolina, financial data has been released, and this indicates a strong start to operations.

Reports were released by the North Carolina State Lottery Commission, which is the regulatory body overseeing sports betting and wagers in the state.

The eagerly anticipated online sports betting market in the state officially started on March 11, 2024, coinciding with the start of the men’s Atlantic Coast Conference basketball tournament on March 12.

This timely launch provided a convenient means for enthusiasts to engage in wagering activities through eight interactive sports wagering operators. As a result, betting activity experienced a surge, with sports betting operators benefitting right away from the popularity of March Madness.

A Breakdown of North Carolina Betting Data

Within the first day of legal wagering, the North Carolina State Lottery Commission data showed that bets exceeding $23.9 million were placed, resulting in a payout of $12.2 million in winnings within the first 12 hours. This momentum is said to have continued throughout the first week, resulting in an impressive handle of nearly $200 million in the first seven days alone.

The huge level of wagering resulted from eager sports bettors who were thrilled to have a simple means of placing bets during this major sporting event. It also helped to boost the revenues of sports betting operators, thanks to a very successful first week.

According to reports, bettors received payouts totaling $141.6 million, while operators generated gross gaming revenues close to $42.7 million during the same period. With an 18 percent tax rate charged on gross operator revenues, it is estimated that the state raked in around $7.7 million in tax revenues within the first week of legalized sports betting in North Carolina.

Sterl Carpenter, a commission executive overseeing sports gambling, said that caution needed to be exercised when making comparisons with other states. However, he added that:

By all accounts, mobile sports wagering in North Carolina is off to a strong start.

While acknowledging the similarities between North Carolina’s launch and Massachusetts’ initiation in 2023, Carpenter stressed the need for comprehensive assessments over time.

A Promising Future for the State

The impressive success seen during the first week of online sports betting operations in the state suggests that there is a promising future for online sports betting in North Carolina.

The launch not only spells good news for sports enthusiasts in the state but will also continue to benefit both sports betting operators and state finances, particularly when there are major sports events taking place.

Like other sports betting states around the country, North Carolina now faces the traditional summer slowdown in the world of sports. This could see the initial figures and betting levels drop considerably. However, once the football season starts again in September, the state can look forward to a very busy period for around six months.