March Madness fuels record sports betting totals in North Carolina

North Carolina sports bettors wagered more than ever and were paid out more than ever in March, likely spurred by college basketball betting and the dominance of favorites in March Madness.

Legal online sports betting launched in North Carolina on March 11, 2024. So last month was the first full March for betting in the state, and North Carolinians took advantage.

Bettors wagered more than $667 million in paid bets, the most on record in the state. Total wagering, which includes promotional bets, also set a record at $685 million. The amount operators paid out as winning was another record: more than $643 million.

The North Carolina Lottery Commission released the March figures Monday. The commission doesn't release numbers of the amount bet by sport or by operator.

All the winning meant that tax revenues for the state were down. The state collected $6.8 million in tax revenue, its third-lowest month on record.

All four No. 1 seeds in the men's NCAA Tournament advanced to the Final Four. In the women's tournament, there were three No. 1 seeds and a No. 2 seed. The conference tournaments were largely dominated by favorites as well. Top-seeded Duke, for example, won the men's ACC Tournament in Charlotte.

The previous high for paid wagers was in November at more than $638 million. The previous high for total wagers was in March 2024 at more than $659 million, a number inflated by more than $202 million in promotional wagers as operators offered free bets and promotions to attract customers.

The previous high for winnings paid out was in December 2024 at more than $590 million.

In all, sports bettors have wagered more than $6.7 billion in paid wagers since launch. The state has collected more than $135 million in tax revenue from the legal operators. North Carolina charges an 18% tax on gross wagering revenue, which varies greatly from month to month.

Gross wagering revenue has been as high as $105 million and as low as $33 million.