RALEIGH, N.C. (WTVD) — For the first time in nearly a decade, all three Triangle Atlantic Coast Conference teams are in the Sweet 16. And when you combine that with the state legalizing sports betting, you're seeing an influx of revenue.
On Wednesday, the North Carolina Education Lottery Commission released initial projections for revenue and winnings from legalized sports betting.
In the first week, $141 million was paid out in prizes on an estimated $198.1 million in bets. The “gross gaming revenue” on which the state received the 18% tax cut was nearly $42.7 million.
Most of it was college basketball. Specifically, at North Carolina State, many of the Wolfpack's faithful players are reaping big dividends while the team was considered a blowout loser in his ACC Tournament and is currently headed to the Sweet 16. I did.
Stahl Carpenter, the commission official who oversees sports betting, said it's too early to compare the launch with other states based on the information. But he said the North Carolina launch looks “on par” with last year's Massachusetts rollout.
Still, Carpenter said, citing public comments from some operators, “No matter how you look at it, mobile sports betting in North Carolina is off to a strong start.” And he said the early prize money levels had “to do with North Carolina State and North Carolina doing pretty well” in the basketball postseason.
However, if the team does well, the dividends may not be as high as those who bought earlier.
“You have to remember that as a team continues to win, the odds are going to adjust more than before,” said Las Vegas-based DraftKings, one of the licensed startups. Sportsbook Director Johnny Abello said. The company operates in North Carolina.
Currently, DraftKings has UNC at +1100 to win the NCAA Tournament, Duke at +2200, and North Carolina State still way behind at +9000.
At the Final Four level, there are significantly more people betting on North Carolina State than Duke in the South Regional bracket.
But even if March Madness is over, the gambling boom may not be over yet.
Las Vegas oddsmakers also seem to like the Carolina Hurricanes' chances of competing for the Stanley Cup, with DraftKings currently listing them as the No. 2 favorite to win the Stanley Cup.
The Associated Press contributed.
Copyright © 2024 WTVD-TV. All rights reserved.
