(The Center Square) – Sports wagering swelled North Carolina’s coffers by more than $14 million in November, second-best month of the first-year revenue generator.
Estimated tax proceeds were $14,057,587, a 60.5% increase from October.
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 265 days, North Carolina is averaging a gain of $372,177 per day on the $98,627,032 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; and $8,758,757 in October. The new fiscal year started July 1.
Total gambled exceeded $657 million and total won by bettors topped $576 million in November. Promotional wagering revenue, $202 million the first month, was $19 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.
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.
