Underdog Sports is withdrawing its sportbook from North Carolina as the company continues to pivot towards prediction markets.
The North Carolina State Lottery Commission said in a statement Thursday that Underdog will stop accepting bets in the state on December 16 and aims to settle all outstanding wagers by December 18.
“The Commission remains committed to protecting North Carolina players and to ensuring safe and responsible wagering. The Commission will continue to work with Underdog on any unresolved player issues, even after Underdog closes its online sportsbook,” said the state gambling regulator.
Underdog Sports account holders will be able to withdraw their funds throughout and after the closure.
North Carolina’s regulated sports betting market generated record wagers of $814.0 million in November, including $22.3 million in promotional bets.
This earned the state $16.7 million in sports betting tax for the month, with the proceeds directed towards the Department of Health and Human Services, North Carolina Amateur Sports, the North Carolina Youth Outdoor Engagement Commission, and to collegiate athletic departments at 13 state universities.
Prediction markets operators make no contributions to the state.