North Carolina’s sports betting industry has had a successful start, with bettors wagering over $659 million in March and receiving payouts of more than $590 million. Despite not disclosing which operators received the most money, the commission emphasized the success of the launch of online sports betting statewide on March 11.
Operators will be subject to an 18% tax on their revenue, which is expected to generate nearly $12 million in tax revenue for the state. 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 the success of sports betting in the state’s initial weeks, North Carolina is poised to further benefit from this growing industry.