Sports Betting Booms in North Carolina: $1.3 Billion Wagered Online in First Quarter
In recent months, North Carolina has experienced a surge in sports betting activity thanks to the state’s legalization of gambling. The ability to place bets online has proven particularly popular, with gamblers placing a staggering $1.026 billion in sports bets from March 11 to April 30. When promotional wagers are included, the total amount wagered rises to an impressive $1.308 billion.
Despite the large sum of money wagered, customers have won a significant amount as well, with payouts totaling $53.3 million less in April compared to March. The companies administering the bets have earned a gross wagering revenue of $171.7 million, and the state has received 18% in taxes, amounting to $30.9 million. According to state law, a portion of the revenue is allocated towards athletic departments at UNC system schools, amateur sports programs, and gambling addiction education.
While online sports betting has been hugely successful so far, in-person betting and statewide betting on horse races are also legal under North Carolina law. However, these provisions have not yet been implemented. Prior to this legislation, sports gambling was only allowed at three casinos operated by two American Indian tribes in North Carolina.
