NCAA Tourney Brings Sweet Wins for Atlantic Coast Conference Teams and Boosts Sports Betting Revenue in North Carolina

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

In recent years, the Atlantic Coast Conference (ACC) teams have made it to the Sweet 16 for the first time in almost a decade, creating excitement in North Carolina. With the recent legalization of sports betting in the state, 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.

The success of 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

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