(The Center Square) – Clearing eight figures in monthly estimated tax proceeds for the sixth time, North Carolina’s first year in legalized sports wagering neared the end of its first year in February at a pace above $360,000 a day.
The state’s coffers had a swelling of $10,018,604 for February, according to Monday morning’s report from the North Carolina State Lottery Commission. The month included the first Super Bowl opportunity, and the stretch run of college basketball in the prelude to March Madness.
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.
Total gambled exceeded $543 million in January and total won by bettors topped $485 million. The gross wagering revenue was $74,530,133. Promotional wagering revenue, $202 million the first month, was $17.4 million.
The state began legalized sports wagering on March 11 of last year. Through the first 355 days ending Feb. 28, North Carolina is averaging $361,944 per day on the $128,490,278 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; $6,429,218 in December; and $13,415,424 in January.
The new fiscal year started July 1. The first seven months of the fiscal year have yielded $59,476,183, a pace for $101.9 million in the year to end June 30.
Prior to implementation, 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.
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.
