North Carolina Sports Bettors Wagered Nearly $400M In June

North Carolina saw its mobile sports betting revenue for June dip to its lowest level since legalized betting launched in mid-March. However, the drop was expected as the sporting calendar is without the NFL, along with both college football and basketball. At least the NBA Finals and Stanley Cup Final made things more interesting.

North Carolina sports bettors wagered $398 million in June, bringing the state’s total to more than $2.2 billion in total bets

Despite the slow time of year, sports bettors wagered $398 million in paid wagers and promotional bets last month. This brought the state’s total to more than $2.2 billion in total bets.

North Carolina didn’t make its sports betting debut until March 11. Therefore, June was the third full month of sports betting of revenue reports in the Tar Heel State.

In March, bettors wagered a whopping $659.3 million in the state. Overall, gamblers have bet more than $1.9 billion in paid wagers, and more than $1.94 billion has been paid out in winnings.

In May, North Carolina operators produced $63.08 million in gross revenue, down 40% from April’s $105.25 million. The state’s 12% hold also marked the third consecutive month in double digits. It fell short of April’s 18.5% win rate.

According to the North Carolina State Lottery Commission, the eight licensed operators collected more than $40 million in June in gross gaming revenue. That pushed the total of gross gaming revenue to more than $275 million.

Note that operators pay an 18% tax on taxable revenue. North Carolina’s eight sportsbooks are bet365, BetMGM, Caesars, DraftKings, ESPN BET, Fanatics, FanDuel, and Underdog.

The Tar Heel State’s 18% tax rate is placed on retail, online sportsbooks

The initial proposed tax rate was 14%, which was amended in the Senate. The 18% tax is placed on both retail and online sportsbooks. The North Carolina Department of Revenue is responsible for collecting tax revenues from each licensed operator.

According to the N.C. General Assembly via N.C. Gen. Stat. §105-113.128, tax proceeds from gross sports wagering revenue are allocated to benefit the state.

About $2 million annually will be donated to the Department of Health and Human Services for gambling addiction education and treatment programs.

Approximately $1 million will help fund North Carolina Amateur Sports to expand opportunities in youth sports. Also, up to $300,000 annually is expected to be given to collegiate athletic departments at 13 state universities.

Furthermore, about $1 million will be donated annually to the North Carolina Youth Outdoor Engagement Commission (NCYOEC) for grants of up to $5,000 per team or group, per county.

Funds for NCYOEC help cover the cost of travel to in-state or out-of-state sporting events. It also covers the cost of grants of up to $25,000 to attract amateur state, regional, area, and national sporting events, tournaments, and programs.