Sports betting is off and running in the Tar Heel State as recent reports have shared the gross revenue numbers for its first official month of legalized sports betting. Per one article, revenue numbers from North Carolina’s first legal sports betting month were just released after the state launched mobile sports betting on March 11th. The North Carolina State Lottery Commission reported over $659 million in legal sports betting handle across just 20 days of betting. As noted in the report, promotional betting made up $202.6 million of the $659.3 million bet in March. Locals capitalized on the North Carolina sports betting bonuses, with promotional betting making up 30% of total online wagering.
For this article, SBS will be going over what to look for from the latest gaming updates coming from North Carolina and also some more notes about gaming in the Tar Heel State.
As noted in the report, North Carolina is one of the few states with a sports betting report that doesn’t include a breakdown of sports betting numbers by operator. The state currently has no plans on sharing this information in the future, but they’re enjoying a profitable first month of mobile sports betting. The eight North Carolina sports betting operators paid out $590.75 million in winnings to bettors, leaving a remaining $66,496,213 in gross betting revenue. Thanks to the state’s 18% tax rate, North Carolina made $11,969,318 in sports betting tax revenue for the month of March.
In terms of where this tax revenue funnels to, the impact of sports betting in North Carolina has been covered by various outlets. Per one article, the tax revenue alone will benefit the state in multiple ways. For instance, the end of the 2024 March sports betting report breaks down the annual use of tax proceeds from betting revenue to the following areas. First, $2 million will be sent to gambling addiction education and treatment programs along with $1 million for youth sports. Up to $300,000 for college athletics at 13 different North Carolina universities along with $1 million for the Youth Outdoor Engagement Commission.
One report also notes how the remaining proceeds will be distributed to the following groups: 50% to the state general fund, 30% to the “Major events, games and attractions fund” and finally, 20% divided evenly among 13 state universities’ athletic funds.
As noted in another report, there have been breakdowns on what the projected fiscal impact might look like for gaming in the Tar Heel State. Per one article, most estimates for North Carolina sports betting has the state making anywhere from $35-90 million per year in five years. Another outlet estimates a larger projected market, with North Carolina bringing in a total of $125 million before 2025 ends. Of course, projections and estimations can be massive in range, especially when looking at sportsbook revenue and tx profits. More often than not, legislators tend to overinflate the tax benefits of sports betting to expedite the passing of a bill.
However, one outlet said that in the case of North Carolina, they found the opposite to be true. The launch of sports betting in the state has been the focus of the legal sports betting industry as of late and also how much N.C. stands to make from sports betting is impacted by their targeted launch date. Per financial analysts in the General Assembly, there is a $70 million projection on North Carolina tax revenue from sports betting which should hit in five years time per one outlet.
Other outlets have projections on gaming’s fiscal impact in North Carolina. One source, for instance, reported that by the fifth year, sportsbooks in the state could make about $500 million in revenue and, taxed accordingly, this would be over $90 million. Meanwhile, an N.C. Education Lottery commissioned study predicted that N.C. mobile sportsbook app tax revenues would total around $35 million annually in a mature market. Moreover, another analysis stated the “privilege tax” could produce almost $18 million in FY 2025. For 2028, some estimates believe it’s closer to $50 million. The state also stands to receive some solid revenue regardless of performance as it will take in a $1 million licensing fee paid every five years by each of North Carolina’s double-digit permitted online sportsbooks along with taxing winners on their sports betting winnings.
After you are all squared away regarding the latest news and notes coming from the North Carolina gaming scene, make sure to check out the awesome array of info over at SBS. Of course, for even more information on the topic at hand, our sports betting in North Carolina guide is here for you with all of the latest gaming updates coming from the Tar Heel State. Conversely, for those interested in diversifying their deposit and withdrawal options, make sure to check out the payment methods rundown where you can find all kinds of options from crypto to more traditional banking routes. Finally, for those interested in some higher stakes wagering options, check out the VIP sports betting sites breakdown. Here you can learn more about the nuances of VIP wagering and if it makes sense for you.
About the Author
As a devout aficionado of sports, Chris Boline has carved a career within the athletic realm. A skilled scribe, he boasts a decade-long portfolio that encompasses coverage of the NBA G League, the Los Angeles Chargers, football in the Mountain West Conference, and basketball. Beyond his professional pursuits, Chris is deeply invested in his community and dedicates his leisure hours to serving on boards, collaborating with community organizations, and cherishing the company of loved ones.
Read Chris's ProfileAsk Chris about this guide:
