North Carolina reports first month of sports betting revenue
Sports wagering in the state first became legal on March 11.
The North Carolina State Lottery Commission (NCSLC) has posted the state’s first monthly revenue report, showing nearly $660m in wagers placed between the 11 and 31 March.
Following recent legalization on March 11, sports gambling in North Carolina has hit the ground running – with the NCSLC reporting that people in the Tar Heel State wagered almost $660m in March. Of those bets, $590m were paid out in winnings to players, generating gross gaming revenue of around $70m.
March is a busy time for sports wagering in the US, with March Madness boosting figures. This, combined with promotional wagers – such as free bets – often offered to players as a sign-up incentive, are likely contributors towards what has been a successful first lap around the track for sports betting in North Carolina.
Revenue from promotional wagers in March was $202.6m, while sports betting wagers reached just under $200m during the first week of the month.
Currently, the NCSLC has granted eight different companies licenses to receive online bets, including the likes of DraftKings, ESPN Bet and Caesars Entertainment. In the 20 days of legal sports betting activity in North Carolina, the combined revenue of the eight sports wagering companies active in the state amounted to a little under $66.5m – which is currently taxed at a rate of 18%.
Officials will hope the decision to legalize sports wagering will have a positive effect on the state’s economic development. Several initiatives have been set in motion to ensure that tax revenue is re-invested into North Carolina. An annual $300,00 has been pledged to the athletic departments of 13 state universities, alongside $2m in annual donations to the Department of Health and Human Services for gambling addiction initiatives – among several other re-investment strategies.
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