Sports Betting and College Basketball: North Carolina’s Triangle Teams Make Sweet 16 and Contribute to State Revenue

Launch of North Carolina sports betting drives significant revenue during March Madness; $141 million awarded in winnings

The Atlantic Coast Conference (ACC) teams have reached the Sweet 16 for the first time in almost a decade, sparking excitement in North Carolina. As sports betting becomes more legalized in the state, revenue is pouring in. The North Carolina Education Lottery Commission released early projections that show $141 million was paid out in winnings during the first week of legalized sports betting, with an estimated $198.1 million wagered. The “gross wagering revenue,” which is used to calculate the state’s tax cut of 18%, was close to $42.7 million.

College basketball has been a major contributor to this revenue, with NC State fans experiencing strong payouts as their team performed well in the ACC Tournament and advanced to the Sweet 16. Despite it being too early to make comparisons with other states, North Carolina’s sports gambling launch seems to be on par with Massachusetts’ rollout last year.

Sterl Carpenter, who oversees sports gambling in North Carolina, mentioned that mobile sports wagering has had a strong start according to operators’ public comments. However, as teams continue to win, odds may change and affect payouts for those who placed bets earlier. At present, Johnny Avello from DraftKings has UNC at +1100 to win the NCAA tournament, Duke at +2200, and NC State as an underdog at +9000.

Even after March Madness ends, the betting trend is expected to continue. Las Vegas oddsmakers are also favoring the Carolina Hurricanes’ chances at winning the Stanley Cup, listing them as the second favorite team. The excitement surrounding sports betting in North Carolina is expected to remain high in the coming months as more teams continue to compete and advance through different stages of tournaments.

In summary, North Carolina’s Triangle ACC teams have made it into the Sweet 16 for the first time in almost a decade and are contributing significantly towards revenue generated by legalized sports betting in the state through college basketball games such as NC State’s performance well in ACC Tournament and advancing into Sweet 16.

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