North Carolina’s sports betting industry is experiencing rapid growth, with nearly $660 million in wagers placed by residents within just three weeks of legalization. This includes both paid and promotional wagers offered by sportsbooks to new customers. Of this amount, North Carolinians won over $590 million.
The North Carolina Lottery Commission, responsible for overseeing the sports gambling industry, has granted licenses to eight companies to operate through online platforms and smartphone apps. These companies heavily advertised their services leading up to the launch date 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 11, 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 working on implementing other aspects of the sports betting law, which includes provisions to allow physical sportsbooks to operate in North Carolina.