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North Carolina showed out strong during its first month of legal sports betting.
Great news, North Carolina: Those endless FanDuel and BetMGM ads we’ve seen just about everywhere are paying off—literally. From March 11–31, North Carolinians wagered $659,308,541 and won $590,750,303, thus putting some big numbers in the books for our first month on the sports-betting circuit.
Not only are fans getting their bags, but the state government is grabbing its fair share of the winnings as well. NC law places an 18% tax on the gross wagering revenue generated by sportsbook activity from the eight currently licensed operators, which clocked in at $66,496,213 in March. Translation: The state government made just under $12 million in ~20 days.
In addition to taxing sports wagering earnings, the state also snags $1 million in fees for every interactive sports wagering license applicant, plus $50,000 from every service provider license. And all that moolah is slated to go toward efforts that improve our state—think funds for gambling addiction education and treatment programs, local youth and amateur sports programs, and public college athletic programs. Talk about a win-win!
Wagering aside, March was a big month for North Carolina sports (we’re looking at you, NC State basketball!), but it’s unclear whether the March Madness mayhem boosted the betting numbers. According to the NC Lottery Commission, no projections on sports wagering activities have been made for the first year, and numbers will likely vary from app to app. That said, the General Assembly’s fiscal report projects the sports wagering tax will hit $47.7 million during the 2024–25 fiscal year, based on trends in other states.
Regardless of the details, sport wagering is already bringing in tons of funds for good causes around the state.
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