March Madness provides wagering boost, but no monthly record
When it comes to sports betting in North Carolina, March Madness has shown to be a modestly less appealing wager than regular season NFL and college football.
The state Lottery Commission reported Wednesday total wagering revenue was $726.17 million during March.
That was up 6% from March 2025, but 10.8% below the monthly record of just under $814 million in November.
The eight sportsbooks operating in N.C. provided a combined $20.8 million in promotional funds in March, compared with $14.4 million in February and $20.2 million in January.
There was an expectation among sports wagering analysts that the NCAA men's and women's tournaments would provide a significant boost in wagering, particularly with Duke, North Carolina and N.C. State having teams in both tournaments.
However, the Tar Heels and Wolfpack men's teams were eliminated early and the Blue Devils men's in the Elite Eight.
Jim Tomlin, an analyst at BetCarolina.com, said "March Madness clearly delivered for North Carolina, driving both betting activity and a 30% surge in operator revenue month-over-month."
"The real headline is revenue: operators generated nearly $76 million in March, up over 30%, showing that engagement isn't just rising; it's becoming more valuable."
Core March details
Legalized sports wagering debuted in N.C. on March 11, 2024.
The commission tracks sports wagering based on the state fiscal year, which runs from July 1 to June 30. It discloses the monthly report without comment.
Bettors won $646.6 million in March, up from $535.2 million in February. The record is $729 million during October.
Gross wagering revenue to the sportsbooks was $75.9 million, down from $58 million in February. The record is $92.9 million in November.
Gross wagering revenue is defined as the amount operators receive from sports wagers, minus the amounts paid out as winnings, after deducting expenses, fees and taxes.
Since the start of legalized mobile sports wagering, state residents have won $13.1 billion through March 31.
Meanwhile, bettors have spent $14.5 billion on wagers, also through March 31.
The seven sportsbooks are: Betfair Interactive (operating at FanDuel); BetMGM; Crown NC Gaming (operating at DraftKings); FBG Enterprises Opco. (operating at Fanatics Sportsbook); Hillside North Carolina (operating at Bet365); Penn Sports Interactive (operating as theScore Bet); Tribal Casino Gaming Enterprise, an enterprise of the Eastern Band of Cherokee Indians operating as Caesars.
The estimated tax proceeds were $13.66 million, up from $10.45 million in February and from a record $16.7 million in November.
Supporters of legal betting, particularly bipartisan legislative sponsors, envisioned the revenue generated would serve as a modest supplement to the state's General Fund.
Lawmakers said the money could help offset recent reductions in corporate and individual income taxes.
Legislative analysis of House Bill 347, which authorized sports wagering, projected about $40 million in annual tax revenue in 2024 and more than $100 million annually by 2029.
However, the total to date has been $246.4 million, according to the N.C. Revenue Department. That includes $116.6 million for fiscal 2024-25 and $109.8 million so far in fiscal 2025-26.
Two years of legal mobile sports wagering in North Carolina has proven to be a revenue winner for most parties, in particular the UNC System athletics departments outside the Tar Heels and Wolfpack.
As of Jan. 31, $56.22 million in sports betting tax revenue has gone to 13 UNC System universities that includes Appalachian State, N.C. A&T State, UNC Greensboro and Winston-Salem State.
Each athletics department's allocation is $4.33 million as of Jan. 31, according to the N.C. Revenue Department.
Those funds are being credited with assisting in resolving athletic department revenue shortfalls, sustain services, and finance infrastructure upgrades.
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