North Carolina Sees Decline in Sports Betting Activity During July
In July, North Carolina bettors placed over $340.3 million in bets, down from the $398.2 million wagered in June. This decrease is consistent with the slower summer sports calendar, resulting in reduced betting volumes due to fewer major events typically occurring
Revenue Remains Strong Despite Lower Handle
Despite the drop in total bets, North Carolina’s sports betting operators reported an increase in gross wagering revenue for July.
After paying out $295.3 million in winnings, the operators were left with $42.2 million in gross revenue. With an 18% tax on gross wagering revenue, the state collected an estimated $7.6 million in taxes for the month, slightly higher than the $7.2 million collected in June.
Fiscal Year Contributions and Educational Funding
The recently concluded fiscal year, which ended on June 30, saw North Carolina collect more than $50 million in taxes and fees from sports betting.
The tax revenue has been allocated to support educational initiatives, with 13 universities within the UNC System receiving over $800,000 each from the proceeds.
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