North Carolina sets sports betting record in October, total wagered eclipses $600 million

Sports bettors in North Carolina wagered more than $612 million in October, the third-highest monthly total since the state launched sports betting in mid-March, according to a monthly reported issued by the North Carolina State Lottery Commission on Tuesday.

But bettors used more of their own money in October than in any other month.

The $612 million figure in October trailed March’s $659 million and April’s $648 million. But those figures were inflated by promotional bets as the state’s eight licensed sports betting operators sought to attract new customers.

In October, more than $589 million of the $612 million bet was actual paid wagering revenues. Promotional wagering accounted for just under $23 million total. In March more than $202 million was promotional wagering and in April that figure was nearly $80 million.

The state collected more than $8.7 million in taxes from the operators who had gross wagering revenue of $48.6 million. The state charges an 18% tax on gross wagering revenue, which is total wagering revenue minus the amount paid as winnings.

Bettors were paid $560 million as winnings in October, trailing only March’s $590 million in that category.

The state has wagered more than $4.1 billion on sports since the mid-March launch. In September and October, in the heart of football season, bettors have wagered more than $1.1 billion.

In the first four months of the fiscal year, the state has collected more than $35 million in taxes from sports betting operators. In four months of sports betting last fiscal year, from the mid-March launch until the end of June, the operators paid $49.5 million in taxes.

Public universities in the UNC system, outside of UNC and NC State, receive a portion of the tax money. The schools’ athletic departments have received more than $510,000 from sports betting tax revenue since the start of the fiscal year in July through the end of September.

The athletic departments received more than $828,000 for the last fiscal year.

App State is planning to use $3.3 million in sports betting revenue to help fund a new indoor practice facility for football.

At UNC-Pembroke, the money is being used to fill holes that were created after the coronavirus pandemic. The athletic department lost $1.1 million in fee revenue since COVID, UNC-Pembroke athletic director Dick Christy told WRAL. The athletic department has 425 athletes.

“To find that synergy of new revenue was an absolute blessing for us,” Christy said.