North Carolina Continues Surge in Sports Betting Revenue in April
The North Carolina State Lottery Commission, the gaming regulator for the region, has announced the sports betting revenue of $105 million for April this year. This is the first full month of results since North Carolina has launched sports betting in the state.
North Carolina's April revenue over $105 million after sports betting launch.
LISTEN TO THIS ARTICLE:Gross revenue on sports betting in the state attracts a levy of 18%, which translates to a tax rate of $18 million for April. The state has now enjoyed a combined tax take of more than $30 million since sports betting was introduced in North Carolina.
The revenue figure in April was up $38 million from the $66 million outlined in the statement for March in North Carolina. However, March was the launch month for sports betting in the state and only 21 days in the period counted towards this total.
The report highlighted several events in the sporting calendar that contributed to the revenue for the state in April, including the end of the regular NHL season. Additionally, basketball had an impact on revenue for the month with N.C. State winning the conference and having an unprecedented season.
The Commission has given a projection for the FY24 revenues for the state based on the first two months of receipts from sports betting in North Carolina. It has forecast the state will take up to $130 million in revenues.
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Breakdown of Allocation of Proceeds from Sports Betting Levy
The Commission included in the revenue results for April some highlights of where the money earned through the state betting levy went.
There has been $2 million annually set aside to be contributed to the Department of Health in North Carolina, where players who suffer from gambling addiction can be treated through a range of programs.
Another annual contribution is for $1 million put towards the North Carolina Amateur Sports for youth sports, with thirteen collegiate sports departments receiving an additional $300,000 each year.
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