CHARLOTTE — North Carolinians placed $6.6 billion in sports bets during the last fiscal year, generating $116.5 million in tax revenue for the state, nearly doubling initial forecasts.
The North Carolina State Lottery Commission reported these figures, highlighting the success of online sports betting, which was approved in June 2023 and began in March 2024. The gross wagering revenue was $647.7 million, taxed at 18%, resulting in significant tax revenue for North Carolina.
“The state has already done gangbusters in its first 12 months and now in its first full fiscal year,” BetCarolina.com industry analyst Steve Bittenbender told CBJ. “They have greatly exceeded expectations. It’s a very healthy market, and it’s still showing room for growth.”
In 2023, the legislature’s nonpartisan Fiscal Research Division forecast $3.9 billion in sports wagers during the first year of legalized online betting.
However, North Carolina far surpassed that estimate, with $6.6 billion in total wagering for both the initial 12-month period and the first full fiscal year, according to the Charlotte Business Journal.
By state law, $2 million of annual tax revenue from sports betting goes to gambling addiction awareness and treatment programs. Another $1 million is allocated to youth sports, while 13 UNC system universities receive $300,000 each for athletic department expenses and investments.
Additionally, $1 million per year is allocated to amateur sports teams and events. The remaining revenue is divided between the 13 athletic departments (20%), a major events, games, and attractions incentives fund (30%), and the state’s general fund (50%).
Monthly results for June 2025 showed a decline from May but an increase from a year ago, with sports wagers totaling $433.2 million. Tax revenue generated in June was $10.5 million on gross wagering revenue of $58.1 million.
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