(The Center Square) – Legalized sports wagering revenue for the North Carolina Department of Revenue dropped by better than $90,000 a day in August from the July total.
The second month of a new 23% tax on gross wagering revenue was $11,229,280. Even with the dip month over month, it’s well ahead of August 2025 ($9,739,814).
Since inception in 2024, the tax had been 18%. Also changed is the distribution model that adds Carolina and N.C. State, with each projected to receive nearly $6 million annually.
According to the State Lottery Commission, more than $520 million was wagered on sporting events and bettors won more than $467 million. Gross wagering revenue is the amounts received by interactive sports wagering operators from sports wagers as authorized under state law, less the amounts paid as winnings before any deductions for expenses, fees or taxes.
The gross wagering revenue taxed was $48,990,555.
The Center Square analyzes sports wagering monthly as part of its mission for reporting of government accountability and how taxpayers are impacted by fiscal policy decisions.
For perspective on state revenue, the individual income tax is the state’s largest revenue source and its increase in fiscal year 2025 was more than $637 million. Sales and use tax generate an estimated $5 billion annually. The corporate income tax and franchise tax are other streams topping the sports wagering windfall.
Since inception March 11, 2024, the state coffers have been swelled by $334,431,626 in 904 days available for play. That’s an average per day of $369,946.
The best months for the state’s total take are April 2024 ($18,945,301), November ($16,728,516), December ($14,672,613), January ($14,460,977) and October ($14,066,214).
In addition to the licensed sportsbook operator tax rising from 18% to 23% and athletic funds going to UNC Chapel Hill and N.C. State, gamblers itemizing deductions can claim up to $2,000. The latter move is forecast to reduce general fund revenue by about $19 million.
Content Original Link:
https://www.thecentersquare.com/north_carolina/article_eea00795-aed0-494a-a5e5-a4fe9465eb3b.html?a