NC could hit $7B in first year of online sports betting

NCSharp predicts state could see $126 million in tax revenue in year one.

CHARLOTTE, N.C. — Just months away from sports gambling becoming legal in the state of North Carolina, one industry website is betting the state will win big, and quickly.

NCSharp.com says the state of North Carolina could generate up to $7 billion in total bets in its first full year of online sports betting.

The site projects that would result in $126 million in tax revenue to the state, and that the floor in their projection is somewhere around $6 billion in total bets for year one.

Sports betting was officially legalized by the state when HB 347 was signed into law by Gov. Roy Cooper in June.

The law will become effective on Jan. 8, 2024. According to the law, the market must launch by June 14 of next year. Regulators have not yet announced a launch day.

NCSharp compared the state's sports betting framework to similar markets.

For instance Ohio, with a similar sports landscape, launched sports gambling on Jan. 1, 2023 and saw more than $4 billion in sports bets through July, before football season even started.

Of course, there are certain variables that could affect the projection.

Bettors in North Carolina could avoid high-risk parlays, and regulators might come after promo offers from sites that could be deemed as predatory.

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