• Sat. May 18th, 2024

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

BySamantha Johnson

Apr 16, 2024
Nearly $660 million in bets placed during inaugural month of sports betting

Sports betting in North Carolina became legal on March 11, and within less than three weeks, nearly $660 million was wagered by people in the state. This total includes both paid bets and promotional wagers, where sportsbooks offer incentives to new customers. Of that amount, North Carolinians won over $590 million.

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

While the North Carolina General Assembly approved sports betting legislation last year, it wasn’t officially launched until March, coinciding with the start of the college basketball tournament. The Lottery Commission recently released its first monthly report on sports betting activity in the state.

The sports betting industry in North Carolina is seeing significant financial gains, with companies collectively earning nearly $66.5 million in just 20 days in March. Revenue generated by these companies will be taxed at a rate of 18% by the state.

The Lottery Commission is still in the process of implementing other aspects of the sports betting law, which includes provisions to allow physical sportsbooks to operate in North Carolina.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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