Triangle Atlantic Coast Conference Teams Set for Sweet 16 Showdown: NC State and Duke in Sports Betting Spotlight

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

The Atlantic Coast Conference teams have made it to the Sweet 16 for the first time in almost a decade, creating excitement in North Carolina. The legalization of sports betting in the state has led to an influx of revenue, with $141 million paid out in winnings in the first week alone. With an estimated $198.1 million wagered, the “gross wagering revenue” was close to $42.7 million, which will be used to calculate the state’s tax cut of 18%.

College basketball has been a major contributor to the revenue, with NC State fans experiencing strong payouts as their team performed well in the ACC Tournament and advanced to the Sweet 16. While it is still early days for comparisons with other states, North Carolina’s sports gambling launch seems to be on par with Massachusetts’ rollout last year.

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

The excitement surrounding sports betting in North Carolina is expected to continue even after March Madness ends. Las Vegas oddsmakers are also favoring the Carolina Hurricanes’ chances at winning the Stanley Cup, listing them as the second favorite team. The future of sports gambling in North Carolina looks promising and is expected to bring significant economic benefits to the state.

In conclusion, North Carolina’s Triangle Atlantic Coast Conference teams have made history by reaching

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