Gamblers in North Carolina stake $659 million in first month of betting

Gamblers in North Carolina staked a total bet value of $659.3 million (£528.7m) during the first month of legal sports betting in the state.

As of 11 March, the regulated sports betting market was opened in the Tar Heel State with the disclosed figures from the North Carolina State Lottery Commission covering the period up to the end of the month.

Promotional wagers from sportsbook operators are said to have accounted for $202.6m of the overall total revenue figure, with gamblers earning back around $590.8m in wins. $66.5m in stakes was lost but the state taxes this amount, known as gross wagering revenue, by 18%.

The North Carolina sports wagering law which was passed last June lays out how the tax revenue will be spent too. $2 million will be set aside each year to support people with gambling addiction and a further $1 million will support youth sports.

The tax revenue will also go towards being used to attract big events to the area, like sports tournaments and music festivals.

Early data released by the Commission indicated $24m had been staked on the opening day of the market, with a total of $198m placed in online sports bets over the first week.

Eight operators have been licensed to provide betting services in North Carolina but must enter into a partnership with a sports enterprise within the state.

That is the case for all the active, established brands: FanDuel, Caesars Entertainment, DraftKings, Fanatics, Bet365, BetMGM, ESPNBet, and Underdog.

In the case of DraftKings, it entered into an agreement with NASCAR whilst FanDuel has partnered with NFL side Carolina Panthers. ESPN Bet has opted for golf’s PGA Tour and its Wells Fargo Championship as operators seek to cover different sports interests.

North Carolinians appear to have embraced the betting market in the opening weeks but more time will be required to properly analyze the situation once the novelty and promotional period has worn off.

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