The North Carolina State Lottery Commission has released its sports betting revenue report for October. This report compiles the monthly revenue data submitted by the eight licensed interactive sports betting operators in the state.
Between October 1 and October 31, North Carolina account holders placed $612,046,491 in bets on sports events, including both paid and promotional wagers. From these bets, account holders won a total of $560,644,740.
State law imposes an 18 percent tax on the gross wagering revenue generated by sports betting activities. Gross wagering revenue is defined as the total amount received from sports wagers, minus the amounts paid out as winnings, before any deductions for expenses, fees, or taxes.
In October, the gross wagering revenue was $48,659,761. Applying the 18 percent tax rate, the estimated tax proceeds for the month would be $8,758,757. This is the amount collected by the N.C. Department of Revenue from sports betting activities.
