In a paradoxical turn, Tar Heel State college athletics is getting some added funds from an unlikely source. Per a recent report, North Carolina online sportsbooks went live in March, and among the biggest winners of the expanded gaming in the state has been its public universities’ athletic departments. North Carolina’s online sports betting bill signed into law in June 2023 by Gov. Roy Cooper (D) allocates much of the tax money from the expanded gaming for collegiate athletics. In fact, House Bill 347 mandated that the athletic departments of 13 state universities be allocated $300K annually in sports betting tax revenue. Of the 18% online sportsbook tax on gross revenue won by the mobile operators, $2 million annually is to go to the Department of Health and Human Services for gambling addiction education and treatment programs. Also another $2 million a year to promote youth programs.
In this report, SBS will be going over what to look for from the latest gaming news coming from North Carolina along with even more notes and info about gaming in the Tar Heel State.
Noted in the article, the North Carolina State Lottery Commission, which regulates commercial sports betting in the state, reports that bettors risked more than $2.23 billion on sports from March 11th start through June. That includes about $329.7 million in promotional wagers or free bets offered as signup incentives by the eight online sportsbooks. Gross revenue, or the amount kept by the books, totaled $275.1 million. The 18% tax on the bets won equates to about $49.52 million. The windfall means the state universities included in the sports betting tax allocation will receive much more than they likely anticipated.
Appalachian State, East Carolina, Elizabeth City State, Fayetteville State, NC A&T, NC Central, UNC Asheville, UNC Charlotte, UNC Greensboro, UNC Pembroke, UNC Wilmington, Western Carolina, and Winston-Salem State are projected to receive $820K each. This is more than double the $300K base – from just the first four months of online sports betting. Moreover, full-year estimates are around $2 million per school.
Moreover, as reported in the article, after compensating the North Carolina State Lottery Commission and Department of Revenue for expenses incurred in regulating online sports betting, any remaining proceeds are to support the 13 state university athletics programs further. In fact, a new report from the lottery agency reveals there will be plenty of leftover sports betting money to further support the university athletics programs. Most of the recipients, it should be noted, are smaller schools with smaller AD budgets. The money will provide a significant boost to each program that can be used to improve facilities, recruit, and offset operational costs.
Noted in the report, North Carolina has issued online commercial sports betting licenses to seven operators. This includes DraftKings, FanDuel, BetMGM, Fanatics, bet365, ESPN Bet, and Underdog Sports. Each company paid the state a $1 million licensing fee that’s good for five years. Caesars Sportsbook also operates online in North Carolina through its longstanding Class III Native American gaming partnership with the Eastern Band of Cherokee Indians. Caesars Entertainment, which owns Caesars Sportsbook, operates the tribe’s two tribal casino resorts, Harrah’s Cherokee and Harrah’s Cherokee Valley River. The sportsbook was deemed exempt from the $1M licensing fee but must share 18% of its online revenue with the state for bets generated from non tribal land.
The state’s larger athletic institutions – most notably N.C. State and UNC-Chapel Hill – are not included in the sports betting tax revenue distributions per the article. Those Division I NCAA programs are among the most well-funded programs in the country.
As noted, North Carolina has seen some strong traction when it comes to wagering in the state. Per another article, recent statistics provided by the PGA Tour stated that bettors in North Carolina staked 8% of all golf betting handles since the market opened in March. North Carolina is top five for overall PGA Tour betting which of course goes back to the pool for colleges receiving funds. The state is known for “the golf craze” and the sports betting market is thriving betting on the sport. Among legal betting states, North Carolina currently ranks third in total number of PGA Tour bets and users. New York and Illinois are the other two states that are in the top three along with N.C. Additionally, North Carolina supports their state betting market being a catalyst for gold wagering.
Once you are all dialed in relation to the latest gaming news and notes coming from the Tar Heel State, make sure to check out the awesome array of information for you at SBS. For even more information as it relates to the state, you should definitely peruse the sports betting in North Carolina guide which goes over all of the latest updates and notes from the area. Conversely, if you are interested in diversifying your payment options, look no further than the payment methods rundown which goes over a lot of great info. This includes options for everything from crypto to more traditional banking routes and methods. Finally, if you are interested in more high-stakes wagering, look no further than the VIP sports betting sites breakdown which has a ton of great insights into seeing if VIP wagering is for you.
About the Author
As a devout aficionado of sports, Chris Boline has carved a career within the athletic realm. A skilled scribe, he boasts a decade-long portfolio that encompasses coverage of the NBA G League, the Los Angeles Chargers, football and basketball across the country. Beyond his professional pursuits, Chris is deeply invested in his community and dedicates his leisure hours to serving on boards, collaborating with community organizations, and cherishing the company of loved ones. CURRENTLY Business Development and freelance sports writing RESIDES IN Reno, NV EDUCATION University of Nevada BS and MBA EXPERTISE -Sports writing proficiency in: NFL, NBA, UFC, boxing, golf, and some motor sports -Topical news -Promotional and marketing ideas/updates -Business development Summary Chris Boline serves in a business development sales capacity as his day job. He has previously held sales/marketing positions with The Applied Companies (TAC), KTVN 2 News and the NBA G League’s Reno Bighorns, affiliate of the Sacramento Kings. He is a Reno native and is a member of various community boards including the Nevada Sagebrush Alumni Chapter, NCET and the College of Business Alumni Association (COBAA). Chris graduated from the University of Nevada in 2015 with a bachelors in management and economics and also earned his MBA from Nevada in 2023. More about Chris: Past president of the College of Business Alumni Association (COBAA) 2022-23 Two-time honoree for University of Nevada Alumni Chapter of the Year (Nevada Sagebrush Alumni Chapter, 2017 & COBAA, 2021) 2021 NCET award for Professional Services Organization of the Year with TAC Northern Nevada Human Resources Association 2020 Best Places to Work-Northern Nevada, Second Place with TAC 2016-17 Reno Bighorns MVP from the Sacramento Kings The Nevada Sagebrush editor-in-chief 2013-15 Associated Collegiate Press 2015 Four-year Non-daily Newspaper Pacemaker honoree University of Nevada, Reno College of Business Dean's List honoree (5x) from 2011-2015 Nevada Press Association award for Best Sports Column – Community in 2015 Education
Read Chris's ProfileAsk Chris about this guide:
