Betting on sports is a $6-billion business in North Carolina.
At least in the first year of legalized sports betting.
North Carolina bettors wagered more than $6.1 billion in paid wagers and almost $500 million more in free or promotional bets in the first 12 months that online sports betting has been legal in the state.
Sports betting launched on March 11, 2024. The North Carolina Lottery Commission, which regulates sports betting in the state, released its numbers for February, which included the Super Bowl, on Monday.
For the 12-month period, the eight authorized sports betting operators made more than $713 million in gross wagering revenue and paid more than $128 million in taxes to the state.
In February, North Carolina bettors wagered nearly $526 million in paid wagers on sports, plus an additional $17 million in promotional or free bets. The bettors were paid $485 million in winnings.
In all, North Carolina bettors have been paid $5.7 billion in winnings. Bettors are expected to claim that income on their state taxes and pay income tax on the winnings without being able to deduct losses. A bill in the North Carolina House would allow the deduction of losses against winnings for taxpayers who file itemized their deductions.
February was the first month that paid wagering fell below $600 million since October. The state has had six consecutive months of at least $500 million in paid wagers.
In all, North Carolina bettors are down more than $337 million, calculated as the paid wagering total minus the amount paid as winnings. The paid wagering amount does not include free or promotional bets, but the amount paid as winnings does include money won as a result of those bets.
March 2024 remains the biggest month for betting, even though sports betting did not launch until the 11th. That’s because bettors took advantage of $202 million worth of free or promotional bets as operators lavished bettors with offers.
Promotional wagers have fallen dramatically since the launch, first down to $80 million in April and to $31 million in May. Outside of September’s $37 million in promotional wagering, when operators sought to capitalize on the start of football season, promotional wagering has been below $24 million in every other month.
November was the biggest month for paid wagers at $638 million, followed by January ($623 million) and December ($608 million).
The tax revenue from sports betting is divided among a number of programs, including the athletic departments at UNC System schools (not including North Carolina and NC State), the state’s general fund and major events fund.
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