NORTH CAROLINA — North Carolina’s sports betting revenue fell by 19% in February, despite the Super Bowl, according to the N.C. State Lottery Commission, according to the Charlotte Business Journal.
Online sports wagers in February totaled $543.4 million, a decrease from January’s $646.9 million. This marks the lowest betting total since August, a time before the start of the football season, which is typically the most lucrative for betting.
The Super Bowl, held on February 9, is the most significant single sports betting event in the U.S. However, February’s overall betting activity was lower than January, which saw heightened activity due to the NFL playoffs and an expanded College Football Playoff.
The N.C. State Lottery Commission, which oversees sports betting in the state, noted that February’s gross wagering revenue was $55.7 million, with $10 million collected in taxes.
This tax revenue is allocated to various initiatives, including UNC system athletic departments, youth sports facilities, and gambling addiction programs.
This month marks the one-year anniversary of legalized online sports betting in North Carolina, with eight companies licensed to operate in the state.
Promotional wagers, which are used to attract new customers, accounted for $17.4 million of the total bets in February.
With March Madness approaching, North Carolina’s sports betting activity is expected to rise, as the state is known for its passion for college basketball. Last year, the introduction of online sports betting in March led to significant wagering activity.
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