North Carolina sports bettors placed more than $525 million in wagers in May, marking the lowest amount bet in the initial three months of legalized mobile sports betting in the state. Operators collected $63 million in gross wagering revenue, with the North Carolina State Lottery Commission reporting that the figure will be taxed at 18%, resulting in over $11 million in taxes for the state. Since the launch of mobile sports betting on March 11, operators have accrued more than $234.8 million in gross wagering revenue, leading to over $42 million in taxes being paid.
The commission calculates this revenue by adding the revenue from paid wagers ($494 million) and promotional wagers ($30.9 million), then subtracting the amount of canceled or voided wagers ($3.8 million) and the winnings paid out ($458.6 million) to determine the gross wagering revenue of $63 million for May. North Carolina has issued licenses to eight sports betting companies to offer mobile sports betting in the state, with individual revenue figures for each company not being disclosed by the commission.
May showed a decrease in betting activity due to the absence of major sporting events like NFL or NCAA football or college basketball. Despite this, people in North Carolina placed $494.6 million in paid wagers and an additional $30.9 million in promotional wagers. In March, betting activity peaked at nearly $660 million, driven by over $200 million in promotional bets, while April saw figures of $648 million with $79 million in promotional wagers made.
The tax revenue generated from sports betting benefits the athletic departments of UNC System colleges, excluding UNC and NC State, with each school set to receive $300,000 plus 20% of the remaining tax revenue after the initial $8.4 million, which is allocated for other purposes. By the end of May, each college athletic department is projected to receive over $820,000. Since the launch of mobile sports betting, North Carolina has witnessed over $1.520 billion in real money wagers, resulting in $1.587 billion in winnings being paid out, including winnings from $313 million in promotional bets made in the state.