Sweet 16 Frenzy: North Carolina’s Sports Betting Launch Brings in Millions and Excitement for College Basketball Fans

Launch of North Carolina sports betting drives significant revenue during March Madness; $141 million awarded in winnings

The Sweet 16 of the Triangle Atlantic Coast Conference teams is creating excitement in North Carolina, with sports betting revenue pouring in. The legalization of sports betting in the state has led to $141 million paid out in winnings and an estimated $198.1 million wagered in the first week alone.

North Carolina’s sports gambling launch seems to be on par with Massachusetts’ rollout last year, with college basketball being a major contributor to revenue. NC State fans experienced strong payouts as the team performed well in the ACC Tournament and advanced to the Sweet 16.

Sterl Carpenter, an executive overseeing sports gambling, mentioned that mobile sports wagering has had a strong start according to operators’ public comments. However, odds may change as teams continue to win, affecting payouts for those who placed bets earlier. At present, Johnny Avello from DraftKings lists UNC at +1100 to win the NCAA tournament, Duke at +2200, and NC State as an underdog at +9000.

Even after March Madness ends, the betting trend is expected to continue. Las Vegas oddsmakers are also favoring the Carolina Hurricanes’ chances at winning the Stanley Cup, listing them as the second favorite team. The excitement surrounding sports betting in North Carolina is expected to remain high in the coming months.

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