Since the legalization of sports betting in North Carolina one year ago, residents have wagered a total of $6.6 billion and won $5.8 billion. The state received $713 million in revenue from licensed operators, resulting in a net profit of $128 million after an 18 percent tax. State Representative Zack Hawkins, who co-sponsored the bill, emphasized the importance of keeping this money in North Carolina instead of it going out of state.
Part of the revenue generated from sports betting goes towards various programs and initiatives across the state. For example, $2 million is allocated to programs that help individuals with gambling addictions, $1 million to North Carolina Amateur Sports, and $1 million to the North Carolina Youth Outdoor Engagement Commission. The latter has already allocated funds to support nonprofessional youth sports teams in the state, enabling young athletes to participate in national and regional competitions.
In addition to funding youth sports and addressing gambling addiction, some of the revenue is also used to attract major events to North Carolina. State officials believe that this funding will make the state more competitive in bidding for events like the Super Bowl or NBA All-Star Game.
According to DraftKings, Major League Baseball remains the most popular sport for betting in North Carolina, with the Super Bowl being the most bet on game. Surprisingly, the NC State vs. Purdue basketball matchup during the Final Four ranked as the fourth most bet on game in the state within the last year.
Overall, the legalization of sports betting in North Carolina has not only provided an avenue for entertainment and excitement but has also generated significant revenue for the state while supporting various programs and initiatives.
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