State Rakes in $7.6 Million in Online Gambling Taxes – CCN – Columbus County News

While numbers were down for July, online gambling continues to be a big hit among North Carolinians.

The N.C. State Lottery Commission released its sports wagering revenue report for July today (Aug. 12).

Revenues were down slightly from June, with $340,375,353 being wagered in July, versus $398,250,00 in June.

 From the July wagers, account holders won $295,386,205, the state lottery commission said.  State law levies an 18 percent tax on the gross wagering revenue generated by sports wagering activity.  In July, the gross wagering revenue was $42,226,040. After the 18 percent tax rate is applied, the estimated tax proceeds for the month would be $7,600,687.

 Gross wagering revenue is a total of amounts received from sports wagers less the amounts paid as winnings before any deductions for expenses, fees, or taxes.

The N.C. Department of Revenue is responsible for collecting the tax proceeds from sports wagering revenue.

North Carolinians spent $398,250,000 on online wagering in June, according to the lottery commission. Gamblers took home $354,742,000 in payouts, and the state received around $40 million in taxes from a combination of wagers and winnings.