November was another big month for gambling in North Carolina, according to the State Lottery Commission.
The commission on Monday (today) released its sports betting revenue report for November.
Between Nov. 1 and Nov. 30, account holders in North Carolina bet $657,688,077 on sports events, including paid and promotional bets. From those bets, account holders won $576,814,804.
State law levies an 18 percent tax on the gross wagering revenue generated by sports betting 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 November, the gross wagering revenue was $78,097,705. After the 18 percent tax rate is applied, the estimated tax proceeds for the month would be $14,057,587. This is the money the N.C. Department of Revenue collects from sports betting.
The lottery commission is required by law to release monthly totals on wagers, revenues and payouts.
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