Nearly $660 million in bets placed during inaugural month of sports betting

North Carolina officially legalized sports gambling on March 11, and since then, residents of the state placed nearly $660 million in bets between March 11 and March 31. This amount includes both paid bets and promo wagers, where new customers receive incentives to sign up with sportsbooks. Out of the total bets placed, North Carolinians won more than $590 million.

The North Carolina Lottery Commission, which is responsible for overseeing sports gambling, has granted licenses to eight companies to accept bets online and through smartphone apps. Companies like DraftKings and FanDuel heavily advertised their services leading up to March 11 and throughout the NCAA basketball tournament.

The state’s General Assembly had passed a sports gambling law the previous year, but it was not officially implemented until March. The timing coincided with the start of the college basketball tournament, creating a significant increase in betting activity.

The Lottery Commission recently released its first monthly report on sports gambling in North Carolina, revealing that the sports wagering companies collectively made almost $66.5 million in revenue over the span of 20 days in March. The state will tax this revenue at a rate of 18%.

The commission is also working on implementing other aspects of the sports wagering law, including provisions that would allow for physical sportsbooks in North Carolina. This suggests that the gambling industry in the state is likely to see continued growth and development in the near future.