The fanatical appeal of March Madness led to a record sports wagering month of $685 million in North Carolina, the state Lottery Commission reported Monday, April 7.
The previous monthly record was $659.3 million from bets placed from the March 11, 2024, debut date in the state through the end of that month.
With 12½ months of betting data in hand, the second year of March Madness wagering may have helped establish both a range — the low so far is $340.3 million in July — and a ceiling for how much North Carolinians are willing to bet monthly.
About $643.6 million was paid out in betting winnings during March. Overall, state residents have won $6.64 billion through March 31, according to the commission.
There were $667 million in paid wages, along with nearly $18 million in promotional wagering funds. To date, there has been $7.27 billion spent on bets.
When legalized sports wagering debuted on March 11, 2024, the state’s eight licensed sports wagering operators initially offered enticements of up to $200 worth of free bets for as little as a first wager of $5.
During the 2024 March Madness betting period, the operators provided $202.6 million worth of enticements.
“The paid handle jumped from $456.7 million (in March 2024) to $667 million, showing that North Carolina residents have become engaged with legalized sports betting,” said BetCarolina.com analyst Steve Bittenbender.
The sports wagering totals for both March Madness periods likely benefiting from N.C. State’s miraculous run to the men’s and women’s Final Four in 2024 and Duke in 2025.
However, Duke’s stunning 70-67 semifinal loss to Houston likely “means April’s betting size might not hit the jackpot we’d hoped for,” Bittenbender said.
“There is almost certainly a ceiling in terms of sports betting in the state,” said Zagros Madjd-Sadjadi, an economics professor at Winston-Salem State University. “Where it will land will depend on the viability of North Carolina teams in various sports.
“Given the consistent success of college basketball in this state, March Madness is probably going to be the biggest draw each year unless all the N.C. teams perform poorly and go out early.”
The monthly sports wagering report is based on activity submitted by the eight operators licensed to operate in the state: Betfair Interactive; BetMGM; Crown NC Gaming; FBG Enterprises Opco; Hillside (North Carolina); Penn Sports Interactive doing business as ESPN Bet; Tribal Casino Gaming Enterprise, an enterprise of the Eastern Band of Cherokee Indians; and Underdog Sports Wagering.
The operators made a combined $38.1 million in gross wagering revenue during March 2025, compared with the monthly record of $78.1 million in November.
Gross wagering revenue is defined as what the operators received from sports wagers, less the amounts paid as winnings before any deductions for expenses, fees or taxes.
Supporters of legal betting, particularly bipartisan legislative sponsors, envisioned the revenue generated serving as a modest supplement to the state’s General Fund to help offset recent annual reductions in the corporate and individual income taxes.
The N.C. Revenue Department is responsible for collecting the tax proceeds from sports wagering revenue. State law places an 18% tax on the operators’ gross wagering revenue, which was $6.9 million in March 2025. The total to date is $136.4 million.
Legislative analysis of House Bill 347, which authorized sports wagering, projected about $40 million in 2024 annual tax revenue, and more than $100 million annually by 2029.
“Sports wagering transformed a gray market into a source of funding,” said Rep. Zack Hawkins, D-Durham, and a co-sponsor of the betting law. “It has converted passion for our state’s elite professional and collegiate athletics program into a reliable source of revenue.”
Hawkins said sports wagering revenue “has made a positive impact in so many ways,” citing more than $750,000 contributed to date for the N.C. Amateur Sports group has awarded to 73 community organizations, cities, parks and recreation departments.
Several public school districts in the Triad and statewide have dedicated funds received from betting taxes toward athletic fields improvements, such as installing turf on their football fields that require lower annual maintenance than grass.
Rep. Pricey Harrison, D-Guilford, and an opponent of the sports wagering law, has said that “regardless of whether revenue expectations have been met, the overall impact of sports betting is a net loss for North Carolina.”
Bittenbender said it’s realistic for North Carolina to experience between 10% and 15% annual growth in the short term, although a potential state and/or national economic downturn could leave bettors with less money to wager.
“Revenue dropped to $38.1 million in March, with taxes at $6.8 million — both down 31.5% from February,” Bittenbender said. “This signals that North Carolina bettors cleaned up, leaving operators with slimmer profits and the state with a lighter tax haul.”
