North Carolina Surpasses $131M in Sports Betting Tax Revenue Within First Year

North Carolina’s decision to legalize sports betting proved to be a lucrative one, generating an impressive $131.3 million in tax revenue within just the first year. This far exceeded even the most optimistic projections, as early expectations had anticipated it would take five years to surpass the $100 million mark. The state’s swift success helped validate lawmakers’ push for legalization and has set a high bar for the industry’s future in the region.

Major Sports Events Drive Billions in Bets and Revenue Across Peak Betting Months

Since the official launch of legal sports betting on March 11, 2024, North Carolinians placed over $6.6 billion in wagers. These bets led to more than $729.3 million in gross wagering revenue shared among eight licensed operators. A large portion of this revenue—approximately $500 million—came from promotional offers, a common industry practice aimed at attracting new bettors in a market of over 11 million residents.

The most profitable months for the state were November, December, and January. These months saw a surge in betting activity driven by popular sports events such as college football, the NFL, NBA, and NHL seasons. Despite the Carolina Panthers having a disappointing NFL season, sports enthusiasm across the state remained high, further fueling betting participation and state revenue.

Sports Betting Revenue Fuels Community Programs as State Officials Celebrate Promising First Year

Revenue from sports betting has already been allocated to various public initiatives, including athletic programs at the University of North Carolina institutions, amateur sports, and gambling addiction education. State officials have praised the outcome of the first year. Sterl Carpenter, the lottery’s chief business development officer, labeled it a “very successful year,” while commissioner Cari Boyce said she was “very encouraged by the results.”

Though North Carolina’s debut has been impressive, it still trails major players like New York, which recorded a $2.5 billion betting handle in just January. However, North Carolina saw steady growth, with betting increasing from $35 million in December to over $74 million in January.

Meanwhile, neighboring Georgia lags behind due to political resistance, highlighting the contrast between the two states. North Carolina’s success could inspire similar legislative efforts elsewhere, especially as the financial benefits become increasingly clear.