Between the NFL, NBA, NHL, and NASCAR, the Tar Heel State checks a ton of boxes for sports betting operators.
That’s a big reason why North Carolina legislators, regulators, and online sportsbooks pushed so hard to get mobile wagering legalized in 2023 and launched in 2024.
However, the Tar Heel State has another attractive offering on full display this week.
“The college teams, there’s nothing like it in North Carolina,” DraftKings CCO Jeremy Elbaum told Covers earlier this year.
That was evident at the March 11 launch. Basketball’s March Madness put North Carolina in the top 10 among all 38 legal U.S. sports betting states with just 21 days of online wagering.
In April, following long NCAA tournament runs by North Carolina, North Carolina State, and Duke, the Tar Heel State ranked fifth in total handle, ahead of well-established markets Pennsylvania and Ohio.
Exciting times
Could North Carolina challenge for the top five again with college football kicking off this week?
Three in-state FBS teams began their seasons on Thursday, followed by a long weekend of action. The NFL kicks off next week, so a notable sports betting boon is likely coming to the Tar Heel State.
“This will be the first NFL and college football season with legal online sports betting in North Carolina, which is super exciting,” Johnny Avello, DraftKings director of sports operations, said. “The Tar Heel State has passionate football fans, representing several FBS teams at the college level, and of course the Panthers in the NFL. We’re looking forward to introducing these fans to our key football offerings all season long and creating the ultimate fan experience.”
The old college try
Just how important is college sports to the Tar Heel State?
North Carolina generated a $1 billion handle in the first 50 days of launch. And while it’s always been known as a basketball-centric state, football is a driving force for sports betting.
Since April, the handles have expectedly dwindled. However, despite not having collegiate sports since the spring or an in-state MLB team, North Carolina bettors have wagered more than $2.5 billion.
The state’s seven online sports betting operators have combined to haul over $315 million from March through July, and the Tar Heel State has filled its coffers with $57 million in estimated tax revenue since the launch.
Bay State comparisons
North Carolina and Massachusetts were close in terms of overall handles and revenue in the former's first few months of online wagering.
The Bay State, which offers three retail sportsbooks while N.C. does not, launched online sports betting in March 2023, almost exactly a year before North Carolina. Massachusetts, which is more of an NFL state and less college enthusiastic than the Tar Heel State, saw its handle during its first August to September jump more than 60% month-over-month while taxable revenue increased by 117% after a full month of football.
In North Carolina, March produced a handle of $659 million while April was just under $650 million. July generated $340 million, so a Bay State-like jump is likely coming.
Behind football, the Tar Heel State could get back to those numbers and potentially even reach $700 million, depending on the marketing spend and promotional credits sportsbooks hand out this fall.
Unlike Massachusetts, the Tar Heel State offers college player props. A hot-button issue with the NCAA, North Carolina legislators opted not to pursue a ban this year.
Week 1 action
The North Carolina Tar Heels play one of the more intriguing games on Thursday when they head to Minnesota as a 2-point favorite. BetMGM reported that 62% of the bets and 67% of the handle are on the visiting team.
“North Carolina has been a sharp play all the way from underdogs to 1.5-point favorites,” BetMGM Trade Manager Seamus Magee said. “Minnesota covering would be great for the sportsbook.”
The other two Thursday games might not be as appealing. NC State and Wake Forest are both favored by more than 30 points against FCS competition, while Duke is more than a three-touchdown favorite on Friday. However, big regional games like Clemson-Georgia and Miami-Florida will likely get bettors’ attention this weekend.
N.C. futures
DraftKings provided Covers with the most-bet Super Bowl and college football national championship winners within the Tar Heel State.
The Kansas City Chiefs have the highest handle in North Carolina, followed by the Philadelphia Eagles and Baltimore Ravens. The Panthers, fresh off a two-win 2023 season and with a new coaching staff, aren’t in the top five.
To no one's surprise, Ohio State has received the most wagers at DraftKings to win the newly expanded 12-team College Football Playoff. N.C. bettors are also getting down on Georgia and Alabama. NC State at +10,000 to win it all comes cracks the top five in the state.
