State: Half-Billion Dollars Spent on Gambling in May – CCN – Columbus County News

May was a big month for legalized gambling in North Carolina.

The North Carolina State Lottery Commission has released its sports wagering activity report for May.

The report compiles the sports wagering activity in May as submitted by the eight licensed interactive sports wagering operators.

Between May 1 and May 31, account holders in North Carolina wagered $525,548,571 — more than half a billion dollars — on sports events, including paid wagering revenue and promotional wagering revenue. From those wagers, account holders won $458,667,635.

State law levies an 18 percent tax on the gross wagering revenue generated by sports wagering activity. 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. In May, the gross wagering revenue was $63,080,347.

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

Tax proceeds must provide $2 million to the Dept.of Health and Human Services for gambling addiction education and treatment; $1 million to expand youth sports; $300,000 to coolegiate athletic departments in the UNC system; $1 million to the Youth outdoor Engagement Commission for grants to assist in travel to sporting events, and $25,000 grants to attract national sporting events to the state; and payments to the lottery commission and Dept. of Revenue. Remaining proceeds are split between the 13 UNC schools, the N.C. Major Events Attraction Fund, and 50 percent to the state General Fund.