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.