North Carolina reports profitable first three weeks of sports betting

Well, it has certainly been a profitable first three weeks of North Carolina sports betting.

According to the North Carolina Lottery Commission, the Tar Heel State reported more than $659 million in online sports betting from its March 11 launch through March 31.

In less than three weeks the state also reported nearly $12 million in online sports betting tax revenue.

Gangbuster Start for North Carolina Online Sports Betting

Eight online sports betting operators launched North Carolina online sports betting on March 11 at noon.

The North Carolina State Lottery Commission reported $659,308,541 in total online sports betting handle from March 11 at noon through March 31. This included $202,605,909 in promotional bets awarded to sports betting users.

In a little less than three weeks of North Carolina online sports betting being live, the eight online sports betting operators paid out $590,750,303 in winnings to users. This resulted in $66,496,213 in gross wagering revenue.

North Carolina’s sports betting tax rate is 18% of gross wagering revenue, so for the less than full month of online sports betting the state reported $11,969,318 in tax revenues.

It’s a promising start for the top gambling apps, as fiscal estimates for North Carolina said the state could expect just a shade over $64 million in sports betting tax revenues in its first full year. While the state is most assuredly entering a slow period of the sports betting year, North Carolina has already taken in more than 18% of the expected sports betting tax revenue estimate for the year in just one month of operation.

North Carolina’s start surpassed Massachusetts’ entire March sports betting totals. Massachusetts recently reported $642.2 million in online sports betting handle and $9.1 million in online sports betting tax revenue for the entire month of March.

No North Carolina Individual Operator Results

The North Carolina State Lottery Commission’s sports betting report for March did not include breakdowns for the eight live online sports betting operators. A Lottery Commission spokesperson said the state has no plans to provide breakdowns for the individual operators.

The following operators launched on March 11 at noon:

The Catawba Two Kings Casino was awarded a sports betting license, but has not yet determined an operator partner. There is no timing as to when the casino may launch sports betting in North Carolina.