Gambling is becoming a booming business in North Carolina.
The N.C. State Lottery Commission said this morning (Oct. 9) that more than $575 million in bets were placed in September via licensed gaming outlets in the state.
The revenue figures were submitted by the eight licensed interactive sports betting operators.
Between Sept. 1 and Sept. 30, account holders in North Carolina bet $575,398,078 on sports events, including paid and promotional bets. From those bets, account holders won $501,559,590.
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 September, the gross wagering revenue was $70,062,945. After the 18 percent tax rate is applied, the estimated tax proceeds for the month would be $12,611,330. This is the money the N.C. Department collects from sports betting.
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