March Madness is proving lucrative for many UNC System schools through gambling
The Thrill of March Madness in North Carolina
March Madness has a unique way of captivating the hearts of sports fans across America, and the enthusiasm is no different on Tobacco Road. This year, the excitement is palpable as North Carolinians can legally participate in the thrill of gambling on the games while also supporting the UNC System schools.
Just not the Wolfpack. Or Carolina.
Sharing the Excitement and Benefits
With annual athletics budgets exceeding $100 million each, both N.C. State and UNC Chapel Hill are powerhouses in collegiate sports. Legislation crafted last summer allows the sharing of tax proceeds to assist the state’s UNC System schools, excluding these two giants. Despite their exclusion, the impact of this new legislation is significant.
Athletic Budgets:
- Carolina: Over $122 million
- N.C. State: Over $102 million
When contacted for comment, athletics directors Boo Corrigan and Bubba Cunningham respectfully chose not to provide insights to The Center Square for this story.
A legislative fiscal analysis projects that the state’s 18% betting tax will generate approximately $64.4 million in the next fiscal year. Other estimates vary, ranging from $47 million after three years to an impressive $126 million in the first year alone.
Supporting UNC System Schools
Under Session Law 2023-42 for House Bill 347, 13 UNC System schools are set to benefit from the government’s share of tax revenues generated by legal sports gambling. This financial support, totaling $300,000, is allocated to enhance collegiate athletic departments. However, it cannot be utilized for name, image, and likeness payments to athletes.
The recipients of this funding include Appalachian State, East Carolina, Elizabeth City State, Fayetteville State, N.C. A&T, N.C. Central, UNC Asheville, UNC Charlotte, UNC Greensboro, UNC Pembroke, UNC Wilmington, Western Carolina, and Winston-Salem State. Notably, the UNC School of the Arts, which does not partake in intercollegiate athletics, and the North Carolina School of Science and Mathematics are the other two institutions within the UNC System.
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