(The Center Square) – January yielded the third highest revenue return from legalized sports gambling in North Carolina since inception last March.
The $13.4 million trails only the $18.9 million in April and $14 million in November. College football closed its postseason, college basketball was in full regular season swing, and the NFL closed the regular season and began the playoffs.
Estimated tax proceeds were $13,415,424, a 108.7% increase from December.
The gross wagering revenue – 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 – is multiplied by 18% to give the state its take.
Through the first 327 days, North Carolina is averaging $362,298 per day on the $118,471,674 total.
The monthly takes have been $11,969,318 in 21 days of March; $18,945,301 in April; $11,354,462 in May; $7,254,407 in June; $7,600,687 in July; $7,600,687 in August; $12,611,330 in September; $8,758,757 in October; $14,057,587 in November; and $6,429,218 in December.
The new fiscal year started July 1. The first six months of the fiscal year have yielded $49,457,579, a pace for just over $98.9 million in the year to end June 30.
A legislative fiscal analysis estimated the state’s 18% betting tax would generate $64.4 million. The top end of trade industry estimates was $126 million in year one.
Total gambled exceeded $646 million in January and total won by bettors topped $568 million. Promotional wagering revenue, $202 million the first month, was $23.6 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.
