First Month of North Carolina Sports Betting Sees $12 Million in Taxes

• The North Carolina State Lottery Commission reported its initial March sports betting figures
• From March 11 through March 31, the state reported more than $659 million in sports betting handle
• The Tar Heel State took in nearly $12 million in taxes for the month

North Carolina sports betting is off to a promising, and profitable, start.

The North Carolina State Lottery Commission released its first sports betting figures for the state, revealing more than $659.3 million bet by customers from March 11 at noon through March 31.

According to the commission, the state reported more than $66.4 million in gross wagering revenue. At its current tax rate of 18%, the state took in nearly $12 million in online sports betting tax revenue in less than a full month.

Profitable First Month For Tar Heel State

The North Carolina State Lottery Commission reported $659,308,541 in total online sports betting handle from March 11 at noon through March 31. This included $202,605,909 in promotional bets awarded to sports betting users.

For the month, the eight online sports betting operators paid out $590,750,303 in winnings to users. This resulted in $66,496,213 in gross wagering revenue for the less than three weeks North Carolina online sports betting was live.

The state currently taxes gross wagering revenue at a rate of 18%, meaning North Carolina sports betting tax revenue’s came in at $11,969,318 for those weeks.

It’s a promising first month for the state, as fiscal estimates showed North Carolina could expect just a shade over $64 million in sports betting tax revenues in its first full year. While the state is most assuredly entering a slow period of the sports betting year, North Carolina has already taken in more than 18% of the expected sports betting tax revenue in just one month of operation.

When compared with Massachusetts, a state with a similar population as North Carolina, the Tar Heel State exceeded its handle and tax revenue totals for the month of March. Massachusetts recently reported $642.2 million in online sports betting handle and $9.1 million in online sports betting tax revenue for March.

No Breakdowns For Individual Operators

The North Carolina State Lottery Commission’s sports betting report for March did not include breakdowns for the eight live online sports betting operators. A Lottery Commission spokesperson said the state has no plans to provide breakdowns for the individual operators.

The following operators launched on March 11 at noon:

• bet365 North Carolina: Charlotte Hornets
• BetMGM North Carolina Charlotte Motor Speedway
• Caesars Sportsbook North Carolina: Tribal Casino Gaming Enterprise Cherokee
• DraftKings NC: NASCAR
• Fanatics Betting and Gaming: Carolina Hurricanes
• FanDuel North Carolina: PGA Tour
• PENN Sports Interactive (ESPN BET North Carolina): Quail Hollow Club (PGA Tour course)
• Underdog Sports: McConnell Golf

The Catawba Two Kings Casino was awarded a sports betting license, but has not yet determined an operator partner. There is no timing as to when the casino may launch sports betting in North Carolina.