NC Online Sportsbooks Projected To Hit $7B In Wagers During First Year
The North Carolina online sports betting market will launch by June 2024. Ahead of the upcoming launch, experts have projected NC online sportsbooks will bring in approximately $7 billion in wagers for the first year.
The market will be aided by North Carolina’s local professional and college teams.
North Carolina Sees High Projection For First Sports Betting Year
In addition to $7 billion in wagers, North Carolina sportsbooks are also projected to bring in $126 million in tax revenue in the first year. If these projections are correct, North Carolina’s market would be competing in the top 10 of the nation.
For comparison, Ohio sportsbooks launched in January 2023. By July, the market raked in $4 billion in wagers. These figures were met without the aid of a wagering boom during the NFL season.
North Carolina’s and Ohio’s betting landscapes are comparable. Both markets have local collegiate and professional teams. North Carolina will also be home to in-stadium sportsbooks, the same as Ohio. NC has a population of approximately 10.55 million, while Ohio has a population of approximately 11.78 million.
If the market manages to launch by January, we will likely see similar handle and revenue numbers.
When will North Carolina Sports Betting Apps Launch?
There is still no official launch date for North Carolina sportsbooks. The latest online sportsbooks can launch is June 14, 2024. However, the market can launch at any point beginning in January, if it’s ready. Initially, experts expected the market to be live ahead of the Super Bowl. Local lawmakers have not indicated that goal, however.
Right now, regulators are taking steps to put the proper team in place to handle vetting sports betting operator applications and test the products. The recent formation of a sports betting committee is also aiding these efforts.
“We will get sports betting and pari-mutuel betting up and running before the June deadline,” said Sterl Carpenter, Deputy Executive Director of Gaming Compliance and Sports Betting.