Takeaways: Sports Betting in North Carolina
North Carolina's Sports Betting Industry surpassing anticipated income estimates
It's spiffy to see that North Carolina is swimming in some solid green, with over $60 million raked in tax revenue through sports betting... and it's just been six months since the online sports betting industry splashed onto the scene! The North Carolina Lottery Commission has also given a thumbs-up to regulations for a retail sports betting market.
Michael Savio, our go-to guy for US online casino scoop, tells us all about it. With a keen eye on the industry since his Vegas days, he now dishes out online casino reviews and news, making him a trusty insider. Check out his latest work at casinos.com!
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Current State of Play
- Status: Legalized online sports betting hit the scene in North Carolina on March 11, 2024. Already, the state sports 8 active sportsbook operators: bet365, BetMGM, Caesars, DraftKings, ESPN Bet, Fanatics, FanDuel, and Underdog. The max number of licenses up for grabs? 12![1][2]
Winnings and Taxes
- Winnings: In its inaugural year, North Carolina reaped between $128 million and $135 million in tax revenue, fueled by over $7.2 billion in wagers![2][4]
- Tax Rate Change: Senate Bill 257 proposes to elevate the sports betting tax rate from 18% to a hefty 36%. This could potentially inject an extra $53.4 million into the coffers in FY 2025–26 and an additional $79.8 million in 2026–27![1][2][3]
Upcoming Developments
- Legislation: The Senate-approved budget with the proposed tax increase is heading towards the House. A consensus between the Senate and House must be reached by July 1![4]
- Launch Date: If signed off, the new tax rate kicks in on October 1, 2025![3][4]
- Funding: Revenues will flow towards UNC System schools, with potential increases in per-school funding from $300,000 to $500,000. Some institutions could see as much as $1.5 million. UNC-Chapel Hill and NC State could join the list of eligible beneficiaries![1][2]
Sports betting has become a vibrant part of North Carolina's entertainment scene, with the online sports betting market launching in March 2024 and eight operators now offering services. If Senate Bill 257 is passed, the sports betting tax rate could rise from 18% to 36%, potentially increasing state revenue. For sports enthusiasts, this could mean more opportunities to wager on their favorite teams and potentially influence the state's funding for UNC System schools, with UNC-Chapel Hill and NC State potentially becoming eligible beneficiaries.
As a seasoned observer of the US online casino industry since his days in Las Vegas, Michael Savio offers insights on this evolving market through his comprehensive reviews and articles, available at casinos.com.
