North Carolina's sports betting industry generates over $1 billion in bets in first two months

North Carolina's foray into legalized sports betting has proven to be a lucrative venture, as revealed by the latest report from the North Carolina State Lottery Commission. The report notes that in just one full month, between April 1 and April 30, North Carolinians placed bets amounting to $648,934,226 on various sports events. 

This figure encompasses both paid wagering revenue and promotional wagering revenue offered by licensed interactive sports wagering operators. From these wagers, account holders managed to pocket $538,401,972 in winnings.

The report also unveils the broader picture of sports betting in North Carolina since the legalization of online wagers two months ago. Since March 11, when online betting commenced, North Carolinians have collectively wagered over $1 billion on sports activities. When factoring in promotional wagers, this figure balloons to $1.308 billion.

However, despite the notable sums involved, the report notes a slight dip in paid winnings for April compared to the initial weeks of legalized gambling in March. Winnings marked a $53.3 million decrease from March.

The licensed sports wagering operators have reaped considerable profits from this booming industry, amassing a combined gross wagering revenue of $171.7 million. With the state's 18 percent tax rate, this translates to approximately $30.9 million in tax revenue for North Carolina.

The sports betting legislation, enacted in 2023, directs a portion of the government's proceeds to various initiatives, including funding for athletic departments at 13 University of North Carolina system schools, amateur sports programs, and gambling addiction education and treatment efforts.

While online sports betting has seen success, the legislation also paves the way for in-person sports wagering, statewide betting on horse races, and live horse racing events. However, these provisions are yet to be implemented. Prior to the widespread legalization of sports betting, North Carolina's sports gambling landscape was limited to three casinos operated by two American Indian tribes.