(The Center Square) – In what should be one of the calendar year’s deadest times, North Carolina sports wagering in July still managed to add more than $7.6 million to state coffers.
Football arrives in August, goes full tilt in September, and America’s top reason to gamble – 68 million Americans gambled about $23.1 billion on the Super Bowl – figures to impact the rookie state that launched sports wagering on March 11.
July represents the start to the state’s fiscal year. 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 – in July was $42,226,040. The sum multiplied by 18% – $7,600,687 – gives the state its take to dispense.
Through the first 143 days, North Carolina is averaging a gain of $399,469 per day on the $57,124,175 total. In context, many operators offered incentives early in what could also be described as a novelty, or honeymoon, period.
Still, the monthly takes have been $11,969,318 in 21 days of March, $18,945,301 in April, $11,354,462 in May, and $7,254,407 in June.
With more than $340 million gambled last month, bettors won $295,386,205.
Promotional wagering revenue has steadily declined from more than $202 million the first month, to $12.4 million in July.
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.
Finally, there are certain reimbursements to the state Lottery Commission and Department of Revenue for expenses incurred to implement and administer the new law. After that, it’s 20% to the 13 public collegiate athletic departments; 30% to a new fund to attract major events, games and investments; and 50% to the state’s General Fund.
