Under the new law, more than $1 billion will be wagered on sports in North Carolina in the first few months

People in North Carolina have wagered more than $1 billion on sports through several gambling companies that were allowed to place online bets under a state law two months ago, according to a report released Friday. The customers’ early losses result in tens of millions of dollars in state revenue.

The North Carolina State Lottery Commission, which regulates betting, said bettors wagered $1.026 billion on sports activities from smartphones and desktops from March 11 through April 30. That rises to $1.308 billion when “promotional betting” – incentives offered by companies for new customers to gamble – is included.

Customers generated winnings of $1.129 billion, although paid winnings for all of April were $53.3 million less compared to winnings for the three weeks in March when gambling was allowed, the commission report said.

The companies authorized to take bets have received $171.7 million in gross shaky revenue, of which the state receives an 18% tax cut. That would amount to $30.9 million.

The state law passed in 2023 to legalize gambling ensures that government revenues go partly to athletic departments at 13 University of North Carolina system schools, amateur sports initiatives and gambling addiction education and treatment.

Sports gambling laws also allow for in-person sports betting, statewide horse racing betting and rules to allow live horse racing. None of the three are currently present. Before the law went into effect, sports gambling was only legal in North Carolina at three casinos operated by two American Indian tribes.

Raleigh, NC, The Associated Press