Sports wagering nets North Carolina $116.5M in first full fiscal year – Washington Examiner
Sports wagering in North Carolina generated $116.5 million in revenue during its first full fiscal year,surpassing state estimates by a significant margin. Signed into law by Governor Roy Cooper, the state launched sports betting on March 11, 2024, becoming the 25th state to legalize it. Bettors wagered over $6.4 billion, resulting in $5.9 billion in winnings paid out. The 18% tax on gross wagering revenue contributed substantially to state funds, with daily averages around $319,000.
Monthly tax proceeds varied,with notable amounts collected each month as inception,totaling nearly $166 million in just over 15 months. A portion of the revenue is allocated annually to gambling addiction programs, youth sports, public school athletic departments, and outdoor engagement grants, reflecting a structured approach to distributing the funds for public benefit.
Sports wagering nets North Carolina $116.5M in first full fiscal year
(The Center Square) – Sports wagering revenue in North Carolina for the first complete fiscal year is 55.5% higher than the fiscal note on the bill proposal and 94% above what the governor budgeted, according to financials released Tuesday.
Approved and signed into law two summers ago by second-term Democratic Gov. Roy Cooper, sports wagering expanded into a 25th state when play began March 11, 2024. The first July to June fiscal year ended last week with bettors and operators combining to supply $116,584,835 into state coffers.
The rate of better than $319,000 a day easily carried the taxpayers’ bottom line receipts past the state Fiscal Research estimate of $74.9 million and Cooper’s 2024-25 budget proposal slotting $60 million.
For the year, bettors wagered more than $6.4 billion and collected more than $5.9 billion in winnings. For June, eight licensed sports books produced $10,584,835 for the state.
Since inception, the state has reaped $165,973,927 in 477 days of play, an average per day of $347,953. Seven of 16 months were higher than the most recent.
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: $11,740,881.
• June: $10,584,835.
Total gambled exceeded $433 million in June and total won by bettors topped $372 million. The gross wagering revenue was $58,071,308 factoring in adjustments. Promotional wagering revenue was $12.4 million.
CELLPHONE RESTRICTIONS, INTERNET SAFETY IN NEW NORTH CAROLINA LAW
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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