North Carolina sports wagering brings in over $85 million in nine months
- North Carolina has generated $85.8 million from sports wagering over the initial nine months of the fiscal year.
- The total amount wagered exceeded $685 million in March, indicating robust public engagement.
- Despite lower monthly revenue in March, the state's sports wagering remains a profitable venture.
In North Carolina, the fiscal year for sports wagering has yielded substantial revenue, reaching a total of $85.8 million within the first nine months. This revenue accumulation is largely attributed to the implementation of a bet tax set at 18%, which was initially estimated to generate $64.4 million in the first year of operation. The gross wagering revenue comprises the amount received by sports wagering operators from bets placed, after winnings are deducted. As of March, the total wagered amount exceeded $685 million, indicating a strong interest in sports betting among the public. The monthly breakdown of revenue demonstrates fluctuations in takes, with significant revenue reported en route to the anticipated amount of $114.4 million by the end of the fiscal year on June 30. Recent data from March revealed daily net earnings remained above $350,000, contributing to positive evaluations of the sports wagering program's performance. Although March's take marked the third lowest on record, the figures indicate a continued upward trend in revenue generation for the state. With a view towards supporting public interests utilizing proceeds from sports wagering, several initiatives will benefit from this revenue. Specifically, as designated by Session Law 2023-42, $2 million is allocated annually for gambling addiction education and treatments, while $1 million will support the North Carolina Amateur Sports programs aimed at enhancing youth sports opportunities. Furthermore, 13 large collegiate athletic departments in the state will each receive $300,000 per year, with additional funding directed towards the N.C. Youth Outdoor Engagement Commission, which administers grants. These well-planned disbursements highlight the intention behind the state’s wagering framework to not only provide a revenue stream but also to invest back into the community. Evaluating results thus far, North Carolina's sports wagering appears to be a successful venture, demonstrating strong financial returns and contributing positively to subsidized education and sports programs.