Sports betting on pace for $113.1 million in first full fiscal year
The sports betting sector in North Carolina is projected to generate $113.1 million in tax revenue for it’s first full fiscal year, reflecting a 22.7% increase in tax proceeds from March to april, as reported by the State Lottery Commission. In April 2024 alone, the estimated tax proceeds reached $8,424,668, up from $6,865,265 in March.This performance is part of a trend where the state has seen an average of better than $300,000 in daily earnings as July 1, 2023. The total tax revenue since the launch of sports betting is approximately $143.8 million, yielding more than $10.2 million monthly. A portion of these proceeds is allocated to programs for gambling addiction education, youth sports opportunities, and public school athletic departments in North Carolina.
Sports betting on pace for $113.1 million in first full fiscal year
(The Center Square) – Tax proceeds from sports wagering at eight licensed sports books in North Carolina rose 22.7% from March to April, the State Lottery Commission reported Monday morning.
The state is on pace for $113.1 million in the first full fiscal year.
March had been better than only two other months since the state started gaining revenue from the gambling industry in 2024. The healthy return of better than $300,000 per day since July 1 is barreling toward June 30 when the state ends the fiscal year.
The state said the estimated proceeds for April are $8,424,668, up from $6,865,265 a month earlier. The calculation for state coffers is 18% of the gross wagering revenue. That sum is the 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.
The following are chronological monthly totals in tax proceeds since inception:
• March 2024: $11,969,318 (only 21 days; play began March 11).
• April 2024: $18,945,301.
• May 2024: $11,354,462.
• June 2024: $7,254,407 (end fiscal 2023-24).
• July 2024: $7,600,687 (begin fiscal 2024-25).
• August 2024: $6,075,183.
• September 2024: $12,611,330.
• October 2024: $8,758,757.
• November 2024: $14,057,587.
• December 2024: $6,429,218.
• January: $13,415,424.
• February: $10,018,604.
• March: $6,865,265.
• April: $8,424,668.
The total since inception is $143,780,211. That means a yield of more than $345,000 per day, and more than $10.2 million per month.
The total in fiscal 2024-25 is $94,256,723. That’s an average of $310,055 per day, and more than $9.4 million per month.
Total gambled exceeded $576 million in April, and total won by bettors topped $525 million. The gross wagering revenue was $46,803,712, factoring in adjustments. Promotional wagering revenue was $15.5 million.
Per Session Law 2023-42, the proceeds can be used for five things. $2 million annually goes to the Department of Health and Human Services for gambling addiction education and treatment programs, and $1 million annually goes to North Carolina Amateur Sports to expand youth sports opportunities.
Also, a third annual 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.
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