In the past two months, North Carolina residents have bet over $1 billion on sports through authorized gambling operators within the state. This was made possible after a law legalizing online sports wagering went into effect. The initial losses faced by customers have led to tens of millions of dollars in state revenue.
According to the North Carolina State Lottery Commission, gamblers placed bets totaling $1.026 billion on sports events using smart phones and desktops from March 11 to April 30. The total amount wagered increases to $1.308 billion when including “promotional wagers” offered to attract new customers.
Customers have won a total of $1.129 billion in winnings, with paid winnings for April being $53.3 million lower than those from the three weeks in March when gambling was first permitted. The gambling operators authorized to accept bets have earned $171.7 million in gross wagering revenue, leading to $30.9 million in tax revenue for the state, which amounts to an 18% cut.
The state law, passed in 2023 to legalize sports betting, mandates that a portion of the government’s proceeds be allocated to athletic departments at 13 University of North Carolina system schools, as well as to amateur sports programs and gambling addiction education and treatment. Additionally, the legislation enables in-person sports wagering, statewide horse race betting, and live horse racing, although these provisions have not yet been implemented.
Prior to the enactment of this law
