The Tar Heel State’s Sports Betting Scene Booms with Almost $200m Wagered in the First Week

The North Carolina State Lottery Commission is on cloud nine with over $198m wagered in the first week of sports betting, starting on Monday 11 March.

The Tar Heel State's Sports Betting Scene

North Carolina has hit the jackpot with its first week of sports betting, raking in a whopping total handle of nearly a quarter of a billion dollars. The North Carolina State Lottery Commission is undoubtedly popping the champagne bottles with over $198 million wagered in the first week alone, kicking off the action on Monday, 11 March. It seems like Tar Heel State residents wasted no time diving headfirst into the thrilling world of sports betting!

The Commission has pulled back the curtain on the detailed numbers through its first sports betting report. Out of the $198 million wagered, payouts amounted to a hefty $142 million, leaving operators with a cool $43 million in gross wagering revenue. It's safe to say that the sports betting scene in North Carolina is off to a roaring start!

The Reader's Guide

Operators Making Waves in North Carolina

A total of eight interactive sports wagering licenses have been awarded to operators by the North Carolina State Lottery Commission. Big players like FanDuel, Caesars Entertainment, DraftKings, Fanatics, Bet365, BetMGM, ESPN Bet, and Underdog have all clinched licenses to operate in the state. These operators have partnered with various sports teams, leagues, and venues within North Carolina to bring their services to eager bettors.

Moreover, Fanatics Betting and Gaming has joined forces with the NHL’s Carolina Hurricanes, while Bet365 has inked a partnership deal with the NBA’s Charlotte Hornets. Underdog has also expanded its reach by partnering with McConnell Golf to further establish itself as a paid fantasy sports operator. It's clear that these operators are pulling out all the stops to make their mark in North Carolina's burgeoning sports betting scene.

The Betting Action in North Carolina

The ACC Men’s Basketball Tournament and the NCAA's March Madness have been front and center, drawing in a flurry of bets and excitement. Initial estimates suggest that wagers in the first month could soar as high as $600 million. Geolocation specialist GeoComply reported a staggering 5.4 million location checks from 370,000 active accounts between noon on 11 March and noon on 13 March.

North Carolina seems to be outpacing its neighbors, with more active accounts than Virginia during its launch period. The majority of location checks originated from the central part of the state, home to major cities like Charlotte, Winston-Salem, Greensboro, and Raleigh-Durham. The recent faceoff between Duke and North Carolina State in the men's March Madness tournament added an extra layer of excitement to the sports betting frenzy.

As Lindsay Slader, GeoComply’s SVP of compliance, aptly put it, "North Carolina is already delivering on lawmaker expectations since legalizing online sports betting last year. The state's well-structured approach to mobile sports betting not only safeguards consumers but also paves the way for significant revenue streams."

Prop Bets Under Scrutiny

Despite the soaring success of sports betting in North Carolina, NCAA President Charlie Baker has thrown a curveball by announcing a move to ban college prop bets. Citing concerns about threats to athletes' integrity and safety due to harassment related to college prop bets, Baker emphasized the need for swift action.

Baker highlighted that some states, including Ohio, have already heeded the call to ban player prop bets on college sports following requests from the NCAA. Ohio's Casino Control Commission took decisive action last month after Baker reached out to its executive director, Matt Schuler. Operators in Ohio were given a deadline to implement these restrictions.

Looking ahead, Baker affirmed that the NCAA would continue its efforts to collaborate with states and eliminate college prop bets from all betting markets. As states across the country grapple with these challenges, it's clear that ensuring fair play and athlete safety remains a top priority for regulatory bodies like the NCAA.

Hamza Ilyas

Hey, I'm Hamza Ilyas, Dubai's very own sports and entertainment guru. Started off at The Aquila School and kicked it at Ajman Academy too. Now, I'm all about bringing you the hottest takes and coolest news from the world of sports and entertainment. Buckle up, it's gonna be one heck of a ride. Connect With Me