Since launching in March, tax revenue from sports betting in North Carolina has surpassed $40 million.

In May, North Carolina sports bettors wagered a total of $525 million, which is the lowest amount bet in the first three months of legalized mobile sports betting in the state. Despite this, operators still collected $63 million in gross wagering revenue. This revenue is taxed at 18% in North Carolina, resulting in over $11 million in taxes for the state.

Since March 11, when legalized mobile betting was launched in North Carolina, operators have collected over $234.8 million in gross wagering revenue. They will pay more than $42 million in taxes as a result of this activity. To calculate the revenue, the North Carolina State Lottery Commission adds paid wagers ($494 million in May) and promotional wagers ($30.9 million), then subtracts canceled or voided wagers ($3.8 million) and amounts paid as winnings ($458.6 million).

There are eight sports betting companies licensed to take mobile sports bets in North Carolina, but the commission does not release revenue figures for individual betting companies or apps. In May, bettors placed a total of $494.6 million in paid wagers and $30.9 million in promotional wagers, despite a quieter period on the sporting calendar. The tax revenue from sports betting benefits UNC System colleges’ athletic departments by providing each school with $300,000 plus 20% of tax revenue left after the first $8.4 million is deducted from it. As of May’s end, each college athletic department was set to receive over $820,000

By Sophia Gonzalez

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