On March 11, 2024, Sports Gambling became legal in North Carolina. Per the North Carolina State Lottery Commission, they reported a betting handle of $659 million from March 11 – March 31. Sports Gambling was booming in March for North Carolina. 

That’s in large part due to March Madness taking over the sports gambling market that time of year. Additionally, three teams from North Carolina made the NCAA tournament. N.C. State made a Cinderella run to the Final Four but lost to Purdue. Still, citizens of North Carolina were rooting hard for the Wolfpack and were likely betting on them too. 

When sports gambling was legalized, it brought eight licensed sportsbooks. In less than three weeks of sports betting being legal, North Carolina generated $66.4 million in gross wagering revenue. A total of $590.7 million was paid out to bettors and $11.9 million was collected in tax revenue. An overall win for North Carolina, proving that sports gambling can be profitable.

North Carolina representative Jason Saine was impressed with the revenue brought in by sports gambling in March

The NCLC awarded licenses to eight sportsbooks once sports gambling became legal on March 11. Those sportsbooks include bet365, BetMGM, DraftKings, FanDuel, ESPN Bet, Fanatics Sportsbook, and Underdog. North Carolina’s eighth sportsbook is Ceasers. However, they are legalized through a supplier license partnership with the Eastern Band of Cherokee Indians. 

Caesars holds exclusive rights for online wagering on tribal land in the state. When speaking with WRAL News, North Carolina representative Jason Saine was highly impressed with the revenue they had in their first month as a legal gambling state.

“It’s going to be a bigger revenue source than maybe even I imagined,” – Rep. Jason Saine

With the tax revenue created by North Carolina in March, a partition of that will go towards the Department of Health and Human Services. They’ve been brought in to help treat problem gambling in North Carolina. While sports gambling is still new in the state, they can never be too cautious with their safe gambling practices. North Carolina wants to ensure they’ll have a profitable sports gambling future.

How does North Carolina compare to other state’s revenue in March?

In March, North Carolina generated a betting handle of $659 million in their first month as a legal gambling state. In comparison to Massachusetts, they generated $642.2 million in March. Additionally, they made about $9.1 million in tax revenue compared to $11.9 million for North Carolina. 

It proved to be a profitable first month for North Carolina and it shines a positive outlook on sports gambling as a whole. Bettors can be responsible and win money while the state can also profit from the gross revenue. A win for both sides as sports gambling will only grow larger in North Carolina in years to come.