GREENSBORO, N.C. — Sports betting is in its first week in North Carolina, and there are still questions about how it works, where the money goes, and the risk of gambling addiction.
David Bockino, a professor at Elon University and the author of Game On, joined WFMY News 2 to answer questions surrounding sports betting. Everything from online sports betting to good or bad overall for NC and for sports, as well as how the companies are using promotional money to lure folks to take part.
First Day Stats
BET MGM confirms the first bet in North Carolina history was for UNC to win the NCAA tournament. In fact, the company claims that in the first 24 hours, nearly 48% of bets made on the NCAA tournament were for UNC to win. Only 4.2% picked Duke to take home the title.
Rules and regulations
You must be at least 21 years old and sign up with a licensed sports betting company. Currently, there are eight approved in the state. To play, money must be deposited in your account. The state does not allow wagers to be more than your account balance.
Gambling Addiction
"It's it's new. It's fun. It's like you're getting that new toy on Christmas. But it's also an addiction. And it's something that you definitely should be aware of when you are…when you're going through the highs and the lows," said Jared Lee Smith, Fox Sports Radio Betting Analyst.
Over 80% of Americans gamble every year. Three out of five gamblers are struggling with gambling addiction. To help combat this, $2 million a year will go to NCDHHS for gambling addiction, education, and treatment programs.
"Having the conversation early and often especially with young children about the risks associated with gambling and checking in on your friends. One of the best responsible gambling practices you can do with sports betting is not do it alone, do it with people, check in, and ensure that you're balancing your time with other activities that you enjoy," said Amanda Winters, NC Problem Gambling Program administrator.
Where does the money go?
Sports betting is expected to bring in millions of tax revenue to the state. Most of it will go toward youth and college athletics. Thirteen universities will receive $300,000 annually to go towards collegiate athletics. One million dollars will also go towards the NC Youth Outdoor Engagement Commission which will fuel more grant money to help youth athletic teams.