Monthly sports wagering lowest of 10 months since legalization – Washington Examiner
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Monthly sports wagering lowest of 10 months since legalization
(The Center Square) – Sports wagering revenue to North Carolina’s tax coffers in December was the lowest of 10 months since legalization though still enough to eclipse $105 million.
Estimated tax proceeds were $6,429,218, a 54.2% decline from November and more than 11% lower than any previous month.
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.
Through the first 296 days, North Carolina is averaging a gain of $354,919 per day on the $105,056,250 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; and $14,057,587 in November. The new fiscal year started July 1.
Total gambled exceeded $629 million and total won by bettors topped $590 million in November. Promotional wagering revenue, $202 million the first month, was $16.3 million.
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.
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