North Carolina’s Sports Betting Market Continued to Grow in August

The Tar Heel State’s sports betting market isn’t done growing quite yet.

After a slow July, the State Lottery Commission reported that North Carolina bettors wagered over $463 million in August, excluding promo bets. That number represents an annual growth of 30%, and the state received almost $10 million in tax revenue from the eight online sportsbooks. The market has now generated around $180 in tax revenue since launching in March 2024.

While North Carolina’s growth isn’t surprising for a newer market, it is good news for the sports betting industry. That’s because in August 2024, sports prediction markets were not in full effect. Now, operators like Kalshi are offering betting markets found on sportsbooks, leading to concerns over the revenue the industry will be losing.

The market’s August growth is an indication that more bettors are choosing the regulated sports betting market over sports prediction platforms. Though it is likely the emerging industry prevented the market from growing even more, a 30% jump is a massive win.

The victory is impressive, but could be short-lived. Prediction markets are focused on the NFL season, which kicked off in September. We will gain valuable insights into the balance between the two industries once the North Carolina State Lottery Commission releases its monthly report.

College Basketball Rocked by Betting Scandal

The start of the football season has overshadowed an NCAA investigation into betting violations for 13 men’s basketball players. While many of the details are still being released, we do know three played for Fresno State. The trio was found to have intentionally altered their stats to win parlays and other prop bets. 

The NCAA has announced that the three Bulldogs have received lifetime bans due to gambling violations. They are no longer enrolled in the school.

Although more details are still emerging, the Fresno State scandal is already testing the sport’s integrity. If the other players involved are found to have committed similar violations, it could affect the amount bettors are willing to wager on the sport. 

That would be bad news for North Carolina, where college basketball is king. How their market fares during the upcoming season will show just how big an impact these scandals will have.