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The North Carolina State Lottery Commission is releasing its sports betting revenue report for October. It compiles the revenue in the month as submitted by the eight licensed interactive sports betting operators.
Between 1-31 October, account holders in North Carolina bet $612,046,491 on sports events, including paid and promotional bets. From those bets, account holders won $560,644,740.
State law levies an 18 percent tax on the gross wagering revenue generated by sports betting activity. Gross wagering revenue is a total of amounts received from sports wagers less the amounts paid as winnings before any deductions for expenses, fees, or taxes.
In October, the gross wagering revenue was $48,659,761. After the 18 percent tax rate is applied, the estimated tax proceeds for the month would be $8,758,757. This is the money the N.C. Department of Revenue collects from sports betting.
November and December could also be lucrative for the sports betting companies. In addition to college football bowl season, the NFL, NHL, NBA and college basketball are already underway.
Online sports gambling went live in North Carolina last March, the day before that ACC Men’s Basketball Tournament commenced. North Carolina is considered one of the top colllege basketball states in the US.
In the first 12-hour period that it was legal to place an online sports bet, North Carolinians wagered $23.9 million.
