The North Carolina State Lottery Commission has ample reason to rejoice, as the state’s foray into the world of sports betting hit the ground running with a staggering $198 million in bets placed within just the first seven days of the opening week, commencing on Monday, 11 March. The Commission’s initial sports betting report comes filled with encouraging figures — an impressive $142 million was paid out from bets placed, leading to a gross wagering revenue of $43 million.
An astonishing $24 million was wagered on day one alone, with a gross wagering revenue of $11 million being recorded, and North Carolina holding onto an 18% tax rate on gross gaming revenue. As of now, the Commission has issued eight interactive sports wagering licenses to various operators, with heavy-hitters like FanDuel, Caesars Entertainment, DraftKings, Fanatics, Bet365, BetMGM, ESPN Bet, and Underdog securing these coveted spots.
In North Carolina, any operator looking to join the sports betting market must form a partnership with a local sports team, league, or venue. All licensed operators have managed to clinch deals, including DraftKings teaming up with NASCAR. BetMGM has joined forces with the Charlotte Motor Speedway, while ESPN Bet has roped in partners from the world of golf including the PGA Tour and its Wells Fargo Championship.
Fanatics Betting and Gaming has landed a partnership with the NHL’s Carolina Hurricanes, becoming the team’s official sports betting partner. The NBA’s Charlotte Hornets’ partnership with Bet365 was inked in November 2023. Additionally, Underdog has broadened its scope as a paid fantasy sports operator through a collaboration with McConnell Golf.
Significant sporting events like the ACC Men’s Basketball Tournament, which tipped off on March 12, and the NCAA’s March Madness have played crucial roles in driving the betting frenzy. Higher than anticipated returns have led experts to adjust their projections, now estimating wagers could reach the $600 million benchmark within the first month alone. Echoing this sentiment of growth, geolocation specialist GeoComply tracked an astounding 5.4 million location verifications from around 370,000 active accounts between the launch afternoon of March 11 and midday on March 13.
This activity vastly overshadows the two million checks from 134,000 active accounts recorded during the first two days post-Virginia’s sports betting launch. For context, North Carolina boasts a population of 10.8 million, while Virginia sits at 8.8 million.
The central part of North Carolina, home to major cities like Charlotte, Winston-Salem, Greensboro, and Raleigh-Durham, accounted for the majority of these location checks. In an exciting climax on Sunday, 31 March, the Duke Blue Devils faced the North Carolina State Wolfpack in the men’s March Madness tournament. With North Carolina State seizing victory with a scoreline of 76-64, they vaulted into the final four.
North Carolina’s early success met the expectations set by lawmakers when online sports betting was legalized last year, as noted by Lindsay Slader, GeoComply’s SVP of compliance. “The state’s well-structured approach to mobile sports betting safeguards consumers and opens up significant revenue streams,” Slader stated in a press release.
Looking to the future, NCAA president Charlie Baker announced the organization’s intention to prohibit college prop bets due to concerns over competition integrity and player harassment. States contacted by the NCAA, such as Ohio, responded by banning such bets following reports of athletes being targeted in relation to these wagers.
Baker has relayed that the NCAA is actively working with states to counter these threats, with numerous jurisdictions following suit by excluding college prop bets from the betting markets. The leadership pledges to continue reaching out to states to address harassment issues and to advocate for bans on college prop bets, seeking to maintain the integrity of college sports and protect its athletes from unwelcome distractions and pressures.
