NC collected more than $50M from sports betting last fiscal year. Where did it go?

North Carolina collected more than $50 million in fees and taxes from legalized sports betting in the fiscal year that ended July 1.

That’s despite not launching until mid-March and not counting June’s tax receipts because they were not due until July 20.

More than $1.8 billion was bet in North Carolina through May 31, a figure that includes free or promotional wagers. Operators collected more than $234 million in revenue, based on North Carolina’s calculations. That revenue is taxed at 18% under state law, so the state collected nearly $42 million in taxes.

That’s in addition to $9 million in licensing fee. Operators paid $1 million for a five-year license and other suppliers were required to pay as well.

The state’s betting law dictates how the revenue is distributed. Here’s a breakdown of where the tax money went, according to the Department of Revenue:

• $41,780,571.51 in taxes collected;
• $2,150.26 to the Department of Revenue for administrative expenses;
• $2 million to the Department of Health and Human Services;
• $1 million to North Carolina Amateur Sports;
• $1 million to the North Carolina Youth Outdoor Engagement Commission;
• $10,675,684.24 to athletic departments at UNC System schools that play; intercollegiate athletes (except NC State and UNC). Each school received an equal share of $821,206.48;
• $10,163,526.37 to the state’s new Major Events, Games and Attractions Fund;
• $16,939,210.64 to the General Fund.

The Department of Revenue said it didn’t collect any of the fees and didn’t pay any money to the North Carolina Lottery Commission out of the taxes collected on sports wagering because the lottery did not submit anything for reimbursement.

The Lottery Commission said it was reimbursed more than $1.75 million for expenses in the last fiscal year.

The state collected more than $7.2 million in taxes for sports betting in June, which will be accounted for in the current fiscal year. Figures for July should be released soon.