Sports betting in North Carolina has seen a successful start, with over $659 million in wagers placed in March and payouts of more than $590 million, according to figures released by the North Carolina State Lottery Commission. The state saw a total of $456 million in paid wagers and $202 million in promotional wagers from the start of betting on March 11 through the end of the month, resulting in a gross wagering revenue of $66.4 million for operators.
The success of sports betting has generated nearly $12 million in tax revenue for the state, with operators subject to an 18% tax on their revenue. Although the commission did not disclose which operators received the most money, they emphasized that online sports betting had launched successfully statewide on March 11.
State Rep. Jason Saine, who sponsored the legislation to legalize mobile sports betting in North Carolina, expressed optimism about the potential revenue that sports betting could bring to the state. The tax revenue generated from sports betting will support various organizations and initiatives, including funding for gambling addiction education and treatment programs, North Carolina Amateur Sports, the North Carolina Youth Outdoor Engagement Commission, and athletic departments at state universities.
Moving forward, a percentage of the remaining tax revenue will continue to support athletic departments, the North Carolina Major Events, Games, and Attractions Fund, and the state’s general fund. With its initial successes in sports betting’s first weeks in North Carolina is positioned to further benefit from this growing industry.
