The early returns on the North Carolina sports betting market are encouraging so far.
In the first 48 hours of legal online sports betting, the state recorded 5.36 million geolocation checks for sports betting activity, more than twice as much as neighboring Virginia (just more than 2 million checks) during the same time period, according to information provided to NCSharp from GeoComply.
Geolocation checks happen at multiple times in the sports betting process, ranging from registration to placing a bet.
Almost 370,000 active accounts in NC’s first 48 hours
Bettors could begin using NC online sportsbooks on Monday, March 11 at noon. GeoComply, which utilizes its technology to verify consumers using mobile betting apps, reports that it identified almost 370,000 active accounts in the first 48 hours after launch. By comparison, GeoComply reported 200,000 such accounts in Virginia during that 48-hour stretch.
Bettors in South Carolina have also hopped onto the NC market: 6,175 sports betting accounts from inside North Carolina’s southern neighbor attempted to access NC sports betting apps this week. None of those users were permitted to place a wager while located out of state.
GeoComply impressed with traffic generated by NC sports bettors
GeoComply works in more than a dozen states and jurisdictions, providing geolocation and verification services to satisfy regulatory requirements on gaming. The company is already impressed by the flurry of activity in the Tar Heel State.
“It’s early, but North Carolina is already delivering on lawmaker expectations when they legalized online sports betting last year,” said Lindsay Slader, GeoComply’s SVP of Compliance, in a statement to NCSharp. “The state’s well-structured approach to mobile sports betting safeguards consumers and opens up significant revenue streams. With March Madness around the corner, we are excited to see continued growth.”
North Carolina launched with several sportsbooks for consumers to choose from, including:
The sports betting operators are licensed and regulated by the North Carolina State Lottery Commission. Operators are taxed 18% of gross gaming revenue (GGR). Estimates predict NC will receive tens of millions of dollars in tax revenue in year one.
BetMGM reported that its first day saw tremendous interest from bettors wanting to wager on March Madness, with North Carolina and Duke men’s basketball teams garnering more than half the futures bets on that event. The ACC Tournament will also likely draw great interest from basketball-crazed fans in this state with great tradition in that sport.
Image credit: NCSharp
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