Sports wagering nets $42M in North Carolina’s first 3 months
(The Center Square) – Month three of legalized sports gambling in North Carolina has brought state coffers more than $11 million, pushing the 82-day total above $42 million for the state.
The gross wagering revenue – amounts received by interactive sports wagering operators from sports wagers as authorized under state law, less the amounts paid as winnings before any deductions for expenses, fees or taxes – in May was $63,080,347. The sum increased by 18% – $11,354,462 – gives the state its take to dispense.
March’s 21 days of activity generated $11,969,318, and April brought in another $18,945,301, the North Carolina Lottery Commission said in a release Friday.
Bettors won $458,667,635 on more than $525 million gambled.
Promotional wagering revenue has steadily declined from more than $202 million the first month, to nearly $80 million in April and just over $30 million in May.
Five things, per Session Law 2023-42, can happen with the proceeds. There’s $2 million annually to the Department of Health and Human Services for gambling addiction education and treatment programs; and there’s $1 million annually to the North Carolina Amateur Sports to expand youth sports opportunities.
Also annually, a third element is $300,000 to each of 13 state public school collegiate athletic departments. Fourth is $1 million annually to the N.C. Youth Outdoor Engagement Commission, which awards grants.
Finally, there are certain reimbursements to the state Lottery Commission and Department of Revenue for expenses incurred to implement and administer the new law. After that, it’s 20% to the 13 public collegiate athletic departments; 30% to a new fund to attract major events, games and investments; and 50% to the state’s General Fund.
