(The Center Square) – Coinciding with the return of football, sports wagering in North Carolina just missed generating a full half-million dollars daily in September, the Lottery Commission update from Friday says.
The third month of a new 23% tax on gross wagering revenue yielded $14,987,886 to state coffers – the third highest total for a single month. Per day, it was $499,596 – a figure topped most recently in November ($557,617 per day) under the old 18% formula.
According to the State Lottery Commission, more than $718 million was wagered on sporting events and bettors won more than $647 million. Gross wagering revenue is the amounts received by interactive sports wagering operators from sports wagers as authorized under state law, less the amounts paid as winnings before any deductions for expenses, fees or taxes.
The gross wagering revenue taxed was $65,164,722.
The Center Square analyzes sports wagering monthly as part of its mission for reporting of government accountability and how taxpayers are impacted by fiscal policy decisions.
For perspective on state revenue, the individual income tax is the state’s largest revenue source and its increase in fiscal year 2025 was more than $637 million. Sales and use tax generate an estimated $5 billion annually. The corporate income tax and franchise tax are other streams topping the sports wagering windfall.
Since inception March 11, 2024, the state coffers have been swelled by $349,419,512 in 934 days available for play. That’s an average per day of $374,110.
The best months for the state’s total take are April 2024 ($18,945,301) and November ($16,728,516). Fourth and fifth behind the new September total is December ($14,672,613) and January ($14,460,977).
In addition to the licensed sportsbook operator tax rising from 18% to 23% and athletic funds going to UNC Chapel Hill and N.C. State, gamblers itemizing deductions can claim up to $2,000. The latter move is forecast to reduce general fund revenue by about $19 million.