(The Center Square) – One day before the ACC tips off its tournament, and seven prior to Selection Sunday for March Madness, legal sports betting in North Carolina has launched.
Gamblers could begin placing their bets at noon on Monday.
Registration with licensed operators began on March 1. Several lured with incentives. Social media has been filled with a buffet of options.
FanDuel, BetMGM, DraftKings, Fanatics Sportsbook, bet365, ESPN BET and Underdog Sports Wagering were initially approved by the North Carolina Lottery Commission, which has oversight. Since then, Tribal Casino Gaming, an enterprise of the Eastern Band of Cherokee Indians, has been added, according to ncgaming.gov.
A legislative fiscal analysis estimated the state’s 18% betting tax will generate $64.4 million next fiscal year, with other estimates ranging from $47 million after three years to $126 million in year one.
Jared Kimble, a communications spokesman for BetCarolina, says his company’s survey of 1,000 North Carolinians shows 1 in 6 will bet once a week. BetCarolina estimates more than $6.4 billion in handle in the first year.
Writing for the Legal Sports Report, data analyst Eric Ramsey projects $7 billion in bets between March 11 and March 10, 2025. Tyler Andrews, at NCSharp, in late September projected $126 million in tax revenue during that timeframe.
The state budget passed last fall includes a requirement online sports books secure a written designation agreement with one of 11 professional sports entities in North Carolina. The state is home to the NFL Carolina Panthers, NHL Carolina Hurricanes, NBA Charlotte Hornets, MLS Charlotte FC, NWSL’s North Carolina Courage, as well as multiple NASCAR tracks and golf pro tour stops.
Already announced agreements are Bet365 with the Hornets; ESPN Bet with Quail Hollow Club; Fanatics with the Hurricanes; FanDuel with the PGA of America; DraftKings with NASCAR; BetMGM with Charlotte Motor Speedway; Underdog Sports with Sedgefield Country Club; and Caesars with the Eastern Band of Cherokee Indians.
Democratic Gov. Roy Cooper signed legislation into law in June.
Distribution of tax revenue collected is $500,000 to the Department of Revenue to offset collection costs; $2 million to fight gambling addiction; $1 million to the Division of Parks and Recreation for youth sports; $300,000 each to 10 University of North Carolina System schools for college athletics; and $1 million for sports grants through the Outdoor Heritage Advisory Council.
Any leftovers would be distributed 20% to the UNC System schools, 30% to the North Carolina Major Events, Games, and Attractions Fund, and 50% to the general fund.
As for the ACC Tournament in the nation’s capital, a champion will be crowned Saturday night. Oddsmakers like either regular-season titlist North Carolina or runner-up Duke. Clemson, charter member of the league and never a winner of this event, dropped from a potential third seed to sixth with a loss on Saturday to Wake Forest, remains favored third best among the bookies.
Georgia Tech, only team to beat both Carolina and Duke this year, joins Louisville in the longest odds to win the tournament.
