North Carolina sportsbooks accepted $589 million in sports wagers in October, setting a record. The previous high was $569 million in April.
The state gathered $8,758,757 in taxes based on that activity, which was most certainly helped by the first full month of NFL and college football action, as well as the Major League Baseball postseason.
Since it launched in March, North Carolina sports betting operators have taken in $3.7 billion in wagers. As a result, $84.5 million has been added to the state coffers. Sports betting operators pay an 18% tax rate on their gross wagering revenue.
Of the $589,067,929 in wagers placed in October, NC sportsbooks paid $560,644,740 in winnings to customers. Gross wagering revenue, after removing NC sportsbook promos spending and winnings, was $48,659,761 in Oct. 2024.
The North Carolina State Lottery Commission, which regulates legal sports betting in the state, does not report revenue broken down by sports betting operator. The state has eight licensed sportsbooks: Fanatics Sportsbook, FanDuel Sportsbook, Caesars Sportsbook, DraftKings Sportsbook, BetMGM, Bet365, ESPN BET, and Underdog Sportsbook.
There were four Sundays of NFL action in October, along with four Saturdays of college football. In addition, MLB Playoffs and the World Series took place. Also, both the NBA and NHL regular seasons commenced last month.
This is the first NFL and college football season for sports betting in North Carolina.
How North Carolina Spends Tax Revenue from Sportsbooks
Tax revenue from online and retail sports betting in North Carolina is divvied up among several constituents. Each year $2 million goes to the Department of Health and Human Services programs providing resources for gambling addiction education and treatment efforts.
The state also spends $1 million annually on the North Carolina Amateur Sports program, which benefits youth sports in the Tar Heel State.
In a unique wrinkle, NC sports betting tax revenue also gets earmarked for state universities and colleges. As much as $300,000 is allotted annually to the athletic departments of 13 schools:
- Appalachian State University
- East Carolina University
- Elizabeth City State University
- Fayetteville State University
- North Carolina Agricultural & Technical State University
- North Carolina Central University
- University of North Carolina at Asheville
- University of North Carolina at Charlotte
- University of North Carolina at Greensboro
- University of North Carolina at Pembroke
- University of North Carolina at Wilmington
- Western Carolina University
- Winston-Salem State University
Some of those schools have indicated they plan to spend the money on gambling education programs and efforts to safeguard students and athletes from the dangers of problem gambling.
Image Credit: Pixel-Shot/Shutterstock
About the Author
