North Carolina tax proceeds via sports wagering rocket up in May – Washington Examiner
In May 2024, North Carolina’s sports wagering tax proceeds saw a significant increase, reaching $11,740,881, which is 39.3% higher than April’s totals.The figures represent a remarkable growth from March when tax proceeds were under $7 million. Since its inception, the sports wagering system has averaged $347,921 in daily tax revenue, benefiting state finances and various programs. For the fiscal year 2024-25, the total proceeds have surpassed $105 million. The funds generated from sports betting are allocated towards mental health services for gambling addiction, youth sports, college athletic departments, and outdoor engagement programs. the ongoing development and success of sports wagering in North Carolina highlights its growing economic significance.
North Carolina tax proceeds via sports wagering rocket up in May
(The Center Square) – Only five months since inception and three this fiscal year topped the tax proceeds from sports wagering in May, the North Carolina State Lottery Commission reported Monday morning.
Eight licensed sports books produced $11,740,881 for state coffers. Sports wagering since inception has averaged $347,921 per day. This fiscal year, it’s $316,410.
May proceeds were 39.3% higher than April and 71% higher than the maddening March total of less than $7 million that is the third lowest on record.
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 year 2023-24).
• July 2024: $7,600,687 (begin fiscal year 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.
• May: $11,740,88.
The total in fiscal year 2024-25 climbed to $105,997,604.
Total gambled exceeded $562 million in May and total won by bettors topped $492 million. The gross wagering revenue was $65,227,119 factoring in adjustments. Promotional wagering revenue was $14.4 million.
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.
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