Sports Betting in North Carolina Hits Record Levels

With just weeks remaining in the college football season, North Carolina’s sports betting industry has posted its most significant numbers yet. Fans of teams like the Tar Heels, the Wolfpack, and the ECU Pirates made their voices heard through wagers, propelling October’s betting totals to a record $612 million.

Newly released data from the North Carolina State Lottery Commission highlights a $66.6 million increase in betting volume compared to September, underscoring the growing popularity of sports gambling in the state. As online platforms gain traction and sports seasons overlap, the upward trend shows no signs of slowing.

Payouts and Tax Revenue

In October, the majority of the $612 million wagered—$560.6 million—was returned to players in winnings. Licensed sports betting operators retained $48.6 million in revenue for the month. Importantly, this surge in activity also benefited the state, which collected $8.7 million in tax revenue from sports wagering.

This revenue forms part of the broader financial picture as North Carolina continues to capitalize on its relatively new sports betting market. While the figures for October alone are impressive, they reflect only part of the growth trend.

The tail end of the year is typically a lucrative period for sports betting, and 2023 is no exception. With the NFL, NHL, NBA, and college basketball seasons in full swing, plus college football bowl games on the horizon, November and December are expected to bring even more activity to the state’s sportsbooks.

North Carolina’s journey into legal sports betting began in March when online platforms officially went live just before the ACC Men’s Basketball Tournament. On the very first day, North Carolinians placed $23.9 million in wagers within 12 hours, setting the tone for the market’s rapid growth.

Since the start of the fiscal year, spanning just four months, the state has recorded $1.8 billion in total wagers. This remarkable figure reflects not only the enthusiasm of local bettors but also the rising popularity of legalized online sports gambling across the nation.

Addressing Concerns About Gambling Addiction

Amid this rapid expansion, the state has allocated $2 million annually to the Department of Health and Human Services for gambling addiction education and treatment. While the amount is relatively modest compared to the industry’s revenue, it marks a step toward addressing potential downsides of this booming market.

Experts emphasize the need for balancing industry growth with resources to those at risk of gambling-related harm. As the market continues to grow, initiatives like these will play an essential role in fostering a responsible gambling environment.

The record-breaking numbers in October underscore how deeply sports betting has become embedded in North Carolina’s culture. As more sporting events and high-stakes games approach, the state’s betting market is poised for further expansion.

With millions of dollars flowing into state coffers and operators thriving, North Carolina’s sports betting industry seems set for continued success. However, as the numbers grow, so too does the responsibility to manage the market in a way that benefits all stakeholders.

Source:

”North Carolinians bet $612M on sports in October, books held $48.6M”, cdcgaming.com, November 14, 2024.