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In North Carolina, sports betting is off to a fast start. The figures for North Carolina’s March sports wagering are in. The report was made public by the North Carolina State Lottery Commission recently. In March, North Carolina bettors placed over $659 million on sports and won over $590 million in payouts. Between the commencement date of March 11 and the end of the month, bettors placed $456 million in paid wagers and an additional $202 million in promotional wagers. Operators made $66.4 million in gross wagering revenue.
Following the first few weeks of sports betting, operators had to pay an 18% tax on that amount, which means North Carolina ended up with almost $12 million in revenue. A breakdown of which operators made the most money was not provided by the commission, and it has no intention of doing so.
Check out the latest sports betting odds available right now at Caesars.
In February, gamblers in Virginia, where mobile sports betting has been available since 2021, wagered over $540 million using mobile operators. This year’s Super Bowl took place on February 11.
“It’s going to be a bigger revenue source than maybe even I imagined,” said North Carolina State Representative Jason Saine, the top sponsor of legislation to legalize mobile sports betting.
The commission had previously declared that, thanks to a lot of bonus or promotion bets from operators early on, gamblers in North Carolina wagered $198 million in the state’s first week of legal sports betting.
One day before the ACC men’s basketball tournament got underway, on March 11 at noon, online sports betting went live throughout the state with eight operators authorized to accept wagers.
The state’s many organizations will receive a portion of the tax revenue: $2 million will go toward gambling addiction education and treatment programs by the Department of Health and Human Services; $1 million will go toward North Carolina Amateur Sports; $1 million will go toward the North Carolina Youth Outdoor Engagement Commission; and up to $300,000 will go toward the athletic departments at thirteen state universities.
Following the initial allocations, those athletic departments will receive 20% of the proceeds, the North Carolina Major Events, Games, and Attractions Fund will receive 30%, and the state’s general fund will receive 50% of the remaining earnings.
North Carolina Sports Betting Numbers in March
Paid wagering revenue (Wagering amount placed by players in North Carolina): $456,702,632
Promo wagering revenue (Promo funds used by players in North Carolina): $202,605,909
Total wagering revenue (Paid wagers and promotional wagers made with mobile devices in North Carolina): $659,308,541
Amounts paid as winnings (Winnings paid out to players in North Carolina): $590,750,303
Gross wagering revenue (the total of amounts received by North Carolina sports betting operators from sports wagers as authorized under state law, minus the amounts paid as winnings before any deductions for expenses, fees, or taxes): $66,496,213Check out the latest sports betting odds available right now at Caesars.
