The North Carolina Lottery Commission (NCLC) has released a sports betting report following the authorization of online wagering in the state earlier this month.
On March 11, North Carolina became the latest jurisdiction to legalize sports betting with the launch of eight operators in the state. The operators, which partnered with a sports team or venue for a wagering license, include bet365, BetMGM, Caesars Sportsbook, FanDuel, Fanatics Sportsbook, DraftKings, ESPN Bet, and Underdog.
According to data provided by the NCLC, North Carolina operators accepted $198.1 million in wagers in the first week of regulated wagering, including $81.3 million in promotional bets. Operators throughout the state paid $141.5 million in winnings back to players that week.
The first-week handle generated $42.6 million in gross wagering revenue behind an 18% tax rate. Revenue in March is expected to increase behind the start of March Madness.
Perfect timing in North Carolina
Earlier this month, GeoComply conducted more than 5.3 million geolocation checks in North Carolina within the first 48 hours of regulated sports wagering in the state. The checks, which came from nearly 370,000 sportsbook accounts, surpassed neighboring Virginia. During the same period, GeoComply conducted 2 million checks in the state.
The geolocation solution provider also reported impressive results in the Tar Heel State for the opening of March Madness. The tournament, which began on March 19, saw a 46% week-over-week increase in online sports betting activity in North Carolina on its first day.
The Tar Heel State has garnered considerable betting interest throughout March Madness with the inclusion of NC State, Duke, and UNC in the three-week-long tournament.
NC State has captured the hearts of basketball fans and sports bettors throughout North Carolina as its men’s team won five games over five days to capture an ACC tournament championship and earn an automatic bid to the NCAA tournament.
NC State plays Marquette on March 29 in the Sweet Sixteen.
