North Carolina Senate Republicans have unveiled a budget proposal to double the tax rate on sports betting operators, which would see it jump from 18% to 36%, according to WRAL News.
This would position North Carolina among the nation’s highest-taxed betting markets alongside New York (51%) and Pennsylvania (36%), potentially generating tens of millions for athletic departments.
Senate Republicans, who hold a commanding majority, plan to push the budget through this week despite anticipated resistance from betting operators like DraftKings and FanDuel.
In a move that could reshape college athletics in North Carolina, the budget would require the University of North Carolina and North Carolina State to play basketball games against other schools in the University of North Carolina system, influencing revenue distribution.
