With bettors wagering over $612 million in October alone, the state achieved its third-highest monthly handle, solidifying North Carolina sports betting as a burgeoning market.
This rapid rise has been accompanied by significant tax revenue generation, benefits to local universities, and a heightened awareness of responsible gambling practices.
October’s $612 million handle was only surpassed by March’s $659 million and April’s $648 million, but it stands out due to its composition. According to the North Carolina State Lottery Commission, October saw over $589 million of real-money wagers, as opposed to promotional bets, which made up just $23 million of the total.
This represents a stark contrast to the launch months, where promotional wagers accounted for $202 million in March and nearly $80 million in April.
Such organic growth suggests increasing comfort among bettors with using their own funds.
“Sports betting has been huge since it launched,”
said Francesca Rovalino of Platform Sports, a Charlotte-based business catering to the sports betting crowd.
The venue offers a social experience for fans, allowing them to engage with live games and betting odds in a communal setting.
The month also contributed $8.7 million in tax revenue to the state, which charges an 18% tax on gross wagering revenue. This brings the total tax revenue generated since March to nearly $85 million, a significant windfall for North Carolina’s economy.
Benefits to Education and Local Projects
A notable portion of the tax revenue has been directed to public universities in the UNC system, excluding flagship schools UNC and NC State. Athletic departments have received over $510,000 since the fiscal year began in July, with funds allocated to initiatives ranging from new facilities to operational support.
Appalachian State University, for example, is leveraging $3.3 million in sports betting revenue to fund a new indoor football practice facility.
Meanwhile, UNC-Pembroke is using the money to recover from pandemic-related financial setbacks. Athletic Director Dick Christy noted the importance of these funds, stating,
“To find that synergy of new revenue was an absolute blessing for us.”
Challenges and Responsible Gambling Efforts
While the financial benefits of sports betting are evident, the industry has not been without challenges. Dr. Jessica Auslander, a gambling counselor, has reported an uptick in requests for consultations and training since the summer.
“If someone finds themselves chasing… to win back something that they’ve lost, then that’s a major red flag,”
she cautioned, emphasizing the importance of setting limits on time and spending.
The state legislature is also looking to address the financial impact on bettors. Rep. Erin Pare plans to introduce a bill allowing losses to be deducted from taxable gambling winnings, aligning North Carolina with federal laws. This measure could reduce the tax burden on bettors while maintaining fairness.
As North Carolina continues to establish itself in the sports betting market, the combination of economic growth, community benefits, and a focus on NC responsible gambling paints an optimistic picture.
With over $4.1 billion wagered since March, the industry’s momentum shows no signs of slowing, promising further gains for the state and its residents.
