The sports betting industry in North Carolina has been thriving since it became legal in March 2024. According to the North Carolina State Lottery Commission, gamblers have wagered $2.2 billion in the first few months of operation, resulting in $10.7 million being split among the state’s public universities. This is twice as much as university athletic directors had initially anticipated.
State law mandates that sports wagering companies pay an 18% tax on their gross revenue, with proceeds being distributed among various state agencies. Thirteen public universities in North Carolina are set to receive 20% of the remaining tax revenue, with each school receiving a base amount of $300,000. This financial injection is crucial for smaller schools struggling to support their athletic departments.
While larger schools like N.C. State and UNC-Chapel Hill will not receive any funding due to their existing revenue sources, the North Carolina General Assembly estimates that over $26 million will be distributed to the UNC System. Each of the 13 schools is expected to receive at least $2 million. The Chief Financial Officer for the UNC System, Jenifer Haygood, ensures that proper monitoring mechanisms will be in place to track the spending of these funds.
Overall, the introduction of sports betting in North Carolina has provided a significant financial boost to the state’s public universities, particularly the smaller institutions that rely heavily on support for their athletic programs.
Source
Photo credit www.sportscasting.com