The first month of North Carolina statewide sports betting was everything proponents could have hoped for, as the State Lottery Commission announced Tuesday that bettors wagered nearly $660 million in March.
Operators reported gross revenue of nearly $66.5 million for the month, off a handle of $659.3 million. North Carolina sports betting law established an 18% tax on revenues, meaning the state collected nearly $12 million in taxes for the first month.
It’s a start that puts the Tar Heel State in a good position to exceed $6 billion in betting handle and generate as much as $128 million in tax revenue over the first 12 months of legalized online sports betting.
Customers Pounce On Promos
Sportsbooks were eager to register customers in a new market and offered sign-up bonuses and deposit matches for new account holders. Of the $659.3 million wagered through the eight licensed sportsbooks, bettors utilized more than $202.6 million in promotional credits.
Online sports betting was live for only three weeks last month, as all North Carolina betting apps launched on March 11. The start was timed in conjunction with March Madness, as the ACC men’s basketball tournament started that week, and the NCAA men’s and women’s tourneys tipped off the following week.
N.C. State Provides Unexpected Boost
The showing by the state’s basketball teams in those tourneys certainly had an impact on betting traffic, especially with North Carolina State’s Cinderella run through the ACC Tournament, in which they won five games in as many days to claim an unexpected berth in the NCAA tourney. The Wolfpack followed that with a historic run to the Final Four, including a win over rival Duke to secure their first appearance in 41 years, giving their fans five more games on which they could wager. North Carolina, which was a No. 1 seed in the tournament, failed to advance past the Sweet 16.
The women’s tournament was also successful for N.C. State, as the Wolfpack advanced to the Final Four, too.
April’s sports betting figures will include some additional college basketball traffic as the Final Fours took place earlier this month. From there, though, the U.S. sports betting market begins its spring and summer lull, where handles and revenues will decline through July and begin ramping up again once football games resume in August.
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