North Carolina officially legalized sports gambling on March 11th, and since then, state residents have placed nearly $660 million in bets between March 11th and March 31st. This amount includes both paid bets and promotional bets, where new users receive incentives to sign up with the sportsbook. Of the total bets placed, North Carolinians won more than $590 million.
The North Carolina Lottery Commission, which is responsible for overseeing sports gambling, has granted licenses to eight companies to accept bets online and via smartphone apps. Companies like DraftKings and FanDuel have heavily advertised their services leading up to March 11 and during the NCAA basketball tournament.
The state's General Assembly passed the sports gambling bill last year, but it wasn't officially implemented until March. The timing coincided with the start of the college basketball tournament, leading to a significant increase in betting activity.
The Lottery Commission recently released its first monthly report on sports gambling in North Carolina, revealing that sports betting companies combined to generate nearly $66.5 million in revenue over a 20-day period in March. The state will tax this income at a rate of 18%.
The commission is also working to implement other aspects of the sports betting law, including provisions that would allow physical bookmakers in North Carolina. This suggests that the state's gambling industry is likely to see continued growth and development in the near future.