Launch of North Carolina sports betting drives significant revenue during March Madness; $141 million awarded in winnings
Sports

Sweet 16 Milestone Marks North Carolina’s Sports Betting Boon: Revenue Surges and Betting Trends Expected to Continue

The Sweet 16 is here for the Atlantic Coast Conference teams, marking a milestone in North Carolina’s sports betting history. With the recent legalization of sports gambling in the state, revenue is pouring in. In the first week of legalized sports betting, the North Carolina Education Lottery Commission released early projections showing that $141 million was paid out in winnings and an estimated $198.1 million wagered. The “gross wagering revenue”, used to calculate the state’s tax cut of 18%, was close to $42.7 million.

College basketball has been a major contributor to the revenue, with NC State fans experiencing strong payouts as the team performed well in the ACC Tournament and advanced to the Sweet 16. Although it is too early to make comparisons with other states, North Carolina’s sports gambling launch seems to be on par with Massachusetts’ rollout last year.

Sterl Carpenter, an executive overseeing sports gambling, mentioned that mobile sports wagering in North Carolina has had a strong start according to operators’ public comments. However, as teams continue to win, odds may change, affecting payouts for those who placed bets earlier. At present, sportsbook director Johnny Avello from DraftKings has UNC at +1100 to win the NCAA tournament, Duke at +2200, and NC State as an underdog at +9000.

Even after March Madness ends, the betting trend is expected to continue. Las Vegas oddsmakers are also favoring the Carolina Hurricanes’ chances at winning the Stanley Cup, listing them as the second favorite team. The excitement surrounding sports betting in North Carolina is expected to remain high in the coming months as more teams advance through rounds and more money pours into bets and winnings.

Overall, North Carolina’s recent legalization of sports betting has brought excitement not only for basketball enthusiasts but also for bettors across state lines. As more states follow suit and legalize gambling, it’s likely that we will see even more revenue poured into these activities – creating new opportunities for businesses and individuals alike.

In conclusion, North Carolina’s Sweet 16 appearance marks a significant milestone in its sports gambling journey – bringing excitement not only for basketball fans but also generating substantial revenue for both individuals and businesses within state lines. It’s clear that this trend will continue long after March Madness ends – opening up exciting new possibilities for all involved in this burgeoning industry.

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