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

NC Triangle Teams Make Sweet 16 for First Time in Decade and Bring in Record Revenue from Legalized Sports Betting

The excitement in North Carolina is palpable as the Triangle Atlantic Coast Conference teams have all made it to the Sweet 16 for the first time in almost a decade. The recent legalization of sports betting in the state has brought in a surge of revenue, with $141 million paid out in winnings in the first week alone. This is an estimated $198.1 million wagered, and 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 significant contributor to this revenue, with NC State fans experiencing strong payouts as their team performed well in the ACC Tournament and advanced to the Sweet 16. While 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.

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