198M Wagered in North Carolina's First Week of Betting
LISTEN TO THIS ARTICLE:The state of North Carolina has reported a sports betting handle of $198.1m in its first week of regulated sports wagering.
Of the total player spending, $81.3m was attributed to promotional bets. Operators in the state also paid out $141.5m in winnings to players in the week.
From the handle, operators generated $42.6m in gross wagering revenue. At an 18% tax rate, the state will receive roughly $7.7m in taxes from the first week's betting activity.
The North Carolina Lottery Commission(NCLC) provided the sports betting report following the launch of the state's sports betting market earlier this month.
March 11 saw North Carolina joining the ranks of jurisdictions with active and regulated US sports betting markets. The state went live with eight operators, including bet365, BetMGM, Caesars Sportsbook, FanDuel, Fanatics Sportsbook, DraftKings, ESPN Bet, and Underdog.
March Madness to Boost Revenue
While the first week showed an impressive performance, the revenue in March is expected to increase as the March Madness kicks off.
The NCAA Men's Basketball Tournament captivates sports fans nationwide with its intense games, unexpected upsets, and thrilling moments, thus earning its nickname.
The tournament has been recognized as a significant driver in attracting first-time bettors, particularly during the tournament's initial or second rounds, as opposed to the Sweet Sixteen and subsequent stages.
According to research conducted by Optimove, the men's tournament, which started on March 19, may lead to an 87% increase in betting activity nationwide.
5.3 Million Geolocation Checks Across North Carolina
Meanwhile, two days after the North Carolina wagering market went live, geolocation solutions provider, GeoComply reported performing than 5.3 million geolocation verifications from nearly 370,000 sportsbook accounts in the state.
The company also posted a 46% week-over-week surge in online sports betting activity in North Carolina on the first day of "March Madness."
During the same period, GeoComply also conducted geolocation checks in rivaling neighboring Virgina and recorded just over 2 million checks from 134,000 accounts. These statistics indicate that North Carolina is on its way to becoming a major competitor to Virginia, whose betting market launched in January 2021.
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