North Carolina tax revenue from sports betting eclipses $40 million since March launch

North Carolina tax revenue from sports betting eclipses $40 million since March launch

Article brief provided by WRAL-TV
  • Brian Murphy, WRAL-TV
June 9, 2024 9:07 AM
  • Brian Murphy, WRAL-TV

Sports bettors in North Carolina wagered more than $525 million in May, the lowest amount bet in the first three months of legalized mobile sports betting in the state

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Operators collected $63 million in gross wagering revenue, according to the North Carolina State Lottery Commission. That figure is taxed at 18% in the state, meaning the North Carolina will receive more than $11 million in taxes.

In all, operators have collected more than $234.8 million in gross wagering revenue — and will pay more than $42 million in taxes since the March 11 launch date in the state.

The operators have different ways to calculate how much money they have made, but the lottery commission simply adds the revenue from paid wagers ($494 million in May) and promotional wagers ($30.9 million), then subtracts the amount of canceled or voided wagers ($3.8 million) and the amounts paid as winnings ($458.6 million) to figure gross wagering revenue ($63 million) for the month.