Since the launch of NC sports betting in March, the state has rapidly emerged as a leading hub for PGA Tour betting, securing a spot in the top three among legal sports betting states for both the total number of PGA Tour bets and users. This achievement is especially impressive considering North Carolina’s smaller population compared to heavyweights like New York and Illinois, which typically dominate sports betting markets in the U.S.
The state’s affinity for golf betting is no surprise given its rich golfing culture and the presence of numerous PGA Tour events within its borders.
“We’re certainly encouraged by the early North Carolina sports betting numbers and where golf is sitting,”
noted Scott Warfield, PGA Tour’s vice president of gaming.
Indeed, with 8% of the nationwide golf betting handle coming from the Tar Heel State, North Carolina has quickly established itself as a significant player in the market.
FanDuel NC, the PGA Tour’s market access partner in North Carolina, has also noticed the outsized interest in golf betting.
“We have witnessed incredible demand for golf since our launch in North Carolina, demand that significantly outweighs the size of the market,”
said John Sheeran, FanDuel’s senior director of strategic partnerships.
This surge in betting activity aligns with broader trends showing increased interest in golf betting nationwide, with the PGA Tour reporting a 20% year-over-year growth in golf betting volume.
The Rise of Live Betting
A key factor contributing to the growth of golf betting in North Carolina is the rise of live betting, a format that allows bettors to place wagers in real-time as events unfold. This dynamic form of wagering has gained traction in the golf betting scene, where countless shots are taken almost simultaneously, providing numerous opportunities for live bets. According to PGA Tour data, live betting now accounts for about 55% of all golf bets, up from around 45% in 2022.
Warfield highlighted the potential of live betting to enhance fan engagement throughout a typical four-day tournament.
“New markets, including live betting, keep fans engaged throughout the tournament,”
Warfield explained, emphasizing the importance of creating opportunities that extend beyond just betting on the tournament’s outright winner.
This strategy appears to be paying off, as bettors are now more engaged across all four rounds of a tournament, not just on Sundays when the tournament reaches its climax.
Financial Windfall for North Carolina’s Universities
The robust performance of North Carolina’s sports betting market is also yielding significant financial benefits for the state’s public universities. Thanks to the 18% tax on gross wagering revenue, North Carolina’s universities are set to receive a substantial portion of the tax proceeds.
Thirteen of the state’s public universities will split $10.7 million in sports betting revenue this year, far exceeding initial expectations. University athletic directors, who had anticipated around $300,000 each, are now poised to receive approximately $820,000 per institution.
This unexpected windfall provides much-needed financial support for smaller athletic departments across the state.
“The importance of using these (sports betting) funds is to help ensure our athletic programs are not operating in a deficit,”
said Jennifer Haygood, UNC System Chief Financial Officer, highlighting the significance of this revenue boost for sustaining and strengthening the financial health of university athletic programs.
A Promising Start Amidst Seasonal Fluctuations
While the early months of North Carolina’s sports betting market have shown promise, fluctuations in betting volume are already evident. July, traditionally a slower month for sports betting, saw the state’s handle drop to $340.4 million, the lowest since the market opened. However, despite this decline in handle, operators experienced an increase in revenue due to a stronger hold of 12.9%, underscoring the potential profitability of the market even during quieter periods.
North Carolina’s sports betting market has quickly demonstrated its viability, with strong performance metrics and significant contributions to state institutions. As the market continues to develop, particularly with the growing popularity of golf and live betting, North Carolina is well-positioned to sustain its early momentum and further solidify its standing in the national sports betting landscape.
