Hey, football! And welcome from the bottom line for tax money in North Carolina.
It’s not a surprise that sports betting grew during the first full month of football season, bringing in more money for the state. Taxes were expected to bring in $12,611,330 in September, which is 107.6% more than the previous month.
March was the second best month for sports betting, even though it was only the seventh month that it was allowed.
The state gets 18% of the gross wagering income, which is the amount of money that interactive sports betting operators get from sports bets that are legal in the state minus the amount that is paid out as winnings before any costs, fees, or taxes are taken out.
North Carolina has made an average of $371,621 per day on the $75,810,688 mark in the first 204 days. In this case, many operators offered incentives at the start of what could also be called a honeymoon or novelty time.
Still, they’ve made $11,969,318 in March, $18,945,301 in April, $11,354,462 in May, $7,254,407 in June, $7,600,687 in July, and $7,600,687 in August. On July 1, the new fiscal year began.
People who bet won 50.3% more than they lost the month before. More than $575 million was bet, and more than $501 million was won.
In August, promotional betting brought in $202 million. In September, it brought in $37 million, up from $13.1 million in August.
Session Law 2023-42 says that the money can be used for five different things. The Department of Health and Human Services gets $2 million a year for programs that teach people about and treat gambling addiction. The North Carolina Amateur Sports gets $1 million a year to expand sports options for kids.
A third part is giving $300,000 to each of 13 state public school collegiate sports departments every year. Fourth, the N.C. Youth Outdoor Engagement Commission gets $1 million a year to give out funds.
Lastly, the state Lottery Commission and Department of Revenue will get some of the money they spent on putting the new law into effect and running it back. Then 20% goes to the 13 public college sports departments, 30% to a new fund to bring in big events, games, and investments, and 50% goes to the state’s general fund.