North Carolina Sports Betting Market Surpassing Revenue Projections

Michael Savio
By: Michael Savio
09/27/2024
Sports Betting
North Carolina Sports Betting Market Surpassing Revenue Projections
Photo by DiscoA340, CC BY-SA 4.0

Key Takeaways

  • North Carolina has generated over $60 million in tax revenue from sports betting
  • The North Carolina online sports betting industry launched six months ago
  • The NCLC has approved regulations for a retail sports betting market

The Tar Heel State has been reaping the rewards for its decision to legalize sports betting.

The North Carolina Lottery Commission (NCLC) reports that the state has already surpassed $60 million in tax revenue from sports betting. The industry launched six months ago, and the industry was expected to generate $36.1 million in revenue over the first year. It appears that North Carolina is on track to triple that original projection by the end of December possibly.

Market Not Expected to Slow Down

The Tar Heel State’s impressive handle is outstanding, and there is no reason to think it will cool off before the end of 2024. That is due to the NFL season, which is the country's most popular league to wager on. The season kicked off just three weeks ago and will run into 2025, meaning the state’s online sportsbooks will remain busy over the next few months.

North Carolina has also benefited from being one of the country's largest college basketball markets. The state has four teams in the ACC alone, with Duke and the University of North Carolina being two of the biggest programs in the nation. Each team has a massive fan base, and many of them have taken to betting on games.

Retail Sports Betting in the Way

The NCLC approved a proposal on Wednesday that will allow for the regulation of retail sports betting. While both markets were made legal, the state has taken its time getting rules in place for how the retail one will work. The goal was to get online sports betting live quickly, removing the pressure to rush through launching retail sports betting.

The regulations around retail sports betting set a high bar for operators to clear in order to launch. The most important of which is the banning of temporary or pari-mutuel locations. That means operators must either find a casino or begin plans to build one before their sportsbook can open. 

It appears e-sports betting is also on the way, with the NCLC approving guidelines to allow operators to offer those wagers. 

Problem Gambling Helpline Reports 79% Increase

Unfortunately, the industry's success has coincided with a spike in problem gambling. The Department of Health and Human Services has reported a 79% increase in calls to its helpline. 

Lottery gaming was the leading reasons for calls before the industry has launched, but it has stayed flat since then. Instead, calls about sports betting have spiked, making it the leading issue.

The spike is not unexpected, but it is a problem the state must address. They could soon get some help from the federal government, which is currently considering a bill to overhaul the industry.

Michael Savio covers the US online casino industry, giving readers insights and information they won’t find anywhere else. He has followed the retail industry since his time living in Las Vegas and has continued to do so as the online industry has taken off. Michael covers everything from online casino reviews to industry news, making him one of the most trusted insiders in the business. Check out Michael’s latest articles at casinos.com to see what he has to offer!