Sports Betting Takes Center Stage as North Carolina Makes Sweet 16: An Early Look at the Financial Impact of Legalized Betting in NC.

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

North Carolina’s Atlantic Coast Conference (ACC) teams have finally made it to the Sweet 16 after a decade of absence, creating excitement in the state. This comes at a time when sports betting has been legalized in North Carolina, and revenue is pouring in. The North Carolina Education Lottery Commission released early projections showing that $141 million was paid out in winnings in the first week of legalized sports betting, with 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. Despite it being 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 further into tournaments and more bettors enter the market.

Overall, it looks like North Carolina is off to a promising start with its legalization of sports betting. With college basketball being a major contributor and mobile wagering having a strong start, there is no doubt that this trend will continue well into future tournaments and events.

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