The North Carolina State Lottery Commission released the first revenue report since legal online sports wagering was launched in the state.
The gross wagering revenue totaled $66,496,214. That's the revenue the sportsbooks made after paying out for winners. The total wagering revenue was $659,308,541 — which is the total amount of money wagered.
At an 18% tax rate, that means North Carolina took in $11,969,218 to be allocated for the benefit of the state.
North Carolina generated the second-most revenue of any state in March 2024 behind only New York. It is even more impressive considering North Carolina sports betting launched March 11.
Here is how North Carolina plans on distributing tax revenue:
- $2 million annually to the Department of Health and Human Services for gambling addiction education and treatment programs.
- $1 million annually to North Carolina Amateur Sports to expand opportunities in youth sports.
- Up to $300,000 annually to collegiate athletic departments at 13 state universities, including Appalachian State University, East Carolina University, Elizabeth City State University, Fayetteville State University, N.C. Agricultural & Technical State University, N.C. 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 and Winston-Salem State University.
- $1 million annually to the North Carolina Youth Outdoor Engagement Commission for grants of up to $5,000 per team or group, per county, to help cover the cost of travel to in-state or out-of-state sporting events and grants of up to $25,000 to attract amateur state, regional, area and national sporting events, tournaments and programs.
- Certain reimbursements to the N.C. State Lottery Commission and the N.C. Department of Revenue for expenses incurred to implement and administer the new law.
Of any remaining proceeds:
- 20% will be distributed evenly among the 13 state universities to support collegiate athletic departments.
- 30% to a new North Carolina Major Events, Games, and Attractions Fund to foster job creation and investment in the state.
- 50% to the state’s General Fund.
It's safe to say a launch during March Madness was great for the state.
