Since the legalization of sports betting in North Carolina on March 11, residents have placed over $1 billion in bets on sports using their smartphones and desktops. The North Carolina State Lottery Commission revealed that a total of $1.308 billion was wagered on sports activities during the months of March and April, with an additional $282 million in promotional wagers. This represents a significant increase in gambling activity compared to the previous year.
Despite this, customers have won big as well, with total winnings reaching $1.129 billion. However, the commission reported that paid winnings in April were $53.3 million lower than the winnings paid out in March. This indicates that there is still some level of risk involved with gambling on sports activities.
Companies authorized to take bets received $171.7 million in gross wagering revenue, with the state collecting an 18% tax on these earnings amounting to $30.9 million. According to the legislation passed in 2023 that legalized sports betting, a portion of the state’s proceeds will go to athletic departments at 13 University of North Carolina system schools, as well as to support amateur sports initiatives and gambling addiction education and treatment programs.
While online betting is currently underway, there are no plans for in-person sports wagering or statewide betting on horse races just yet. Prior to legalization, it was only allowed at three casinos operated by two American Indian tribes in North Carolina.
Overall, while online betting has been popular since its legalization, it remains important for individuals who choose to engage in gambling activities to understand and manage their risks accordingly.
