North Carolina’s College Basketball Teams Make Sweet 16: Sports Betting Booms, Fans Cash Out, and the Future of Gaming in the State

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

In a historic move, the Atlantic Coast Conference (ACC) teams have all made it to the Sweet 16 for the first time in nearly a decade. This achievement has sparked excitement across North Carolina, with sports betting recently legalized in the state. In the first week of legalized sports betting, the North Carolina Education Lottery Commission reported that $141 million was paid out in winnings, with an estimated $198.1 million wagered. The “gross wagering revenue”, 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 the 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 and odds change, payouts for those who placed bets earlier may be affected. At present, sportsbook director Johnny Avello from DraftKings lists UNC at +1100 to win the NCAA tournament, Duke at +2200, and NC State as an underdog at +9000.

Even after March Madness ends, it is expected that betting will continue in North Carolina. Las Vegas oddsmakers are also favoring the Carolina Hurricanes’ chances at winning the Stanley Cup by listing them as their second favorite team. The excitement surrounding sports betting in North Carolina is expected to remain high for months to come.

The recent legalization of sports betting in North Carolina has brought about significant changes in its gaming industry. With more people participating in online sports betting than ever before, there is no doubt that this trend will continue long after March Madness comes to an end.

Sports gambling has become increasingly popular across America over recent years and North Carolina is no exception. As more states legalize it and offer online platforms for placing bets, it is likely that we will see an even greater increase in participation.

One thing is certain – college basketball will always be a major player in any discussion about sports gambling. With so many passionate fans across North Carolina and beyond cheering on their favorite ACC teams during March Madness every year, there is no doubt that this sport will continue to generate significant revenue for years to come.

In conclusion, while it may be too early to make comparisons between different states when it comes

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