The Atlantic Coast Conference’s Sweet 16 Run: Boosting Revenue through Legalized Sports Betting in North Carolina

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 nearly a decade, generating excitement in North Carolina. This comes after sports betting was recently legalized in the state, leading to a surge in revenue. 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.

The success of college basketball has been a significant contributor to this revenue, as NC State fans experienced strong payouts when their team performed well in the ACC Tournament and advanced to the Sweet 16. While it is 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, an executive overseeing sports gambling, stated that mobile sports wagering in North Carolina has had a strong start according to operators’ public comments. However, as teams continue to win, odds may change, affecting payouts for those who placed bets earlier. Currently, sportsbook director 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.

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