Place Your Bets: Over $659 million wagered in first 3 weeks of NC sports betting

North Carolinians wagered over $659 million in the first three weeks since sports betting became legal in the state. That’s according to a report released Tuesday by the North Carolina State Lottery Commission (NCSLC). 

The report compiles the sports wagering activity in March as submitted by the eight licensed interactive sports wagering operators.

Between the start of sports wagering on March 11 and March 31, North Carolinians wagered $659,308,541 on sports events, including paid and promo wagering revenue. They won $590,750,303 from those wagers.

In March, gross wagering revenue, which is the total of amounts received from sports wagers less the amounts paid as winnings before any deductions for expenses, fees, or taxes, was $66,496,213. State law places an 18 percent tax on the gross wagering revenue generated by sports wagering activity.

Tax proceeds from gross sports wagering revenue will be allocated, according to the law, as follows:

• $2 million annually to the North Carolina Department of Health and Human Services (NCDHHS) for gambling addiction, education, and treatment programs.
• $1 million annually to North Carolina Amateur Sports to expand opportunities in youth sports.
• Up to $300,000 annually to collegiate athletic departments at 13 state universities, including Appalachian State University, East Carolina University, Elizabeth City State University, Fayetteville State University, NC Agricultural & Technical State University, NC Central University, University of North Carolina at Asheville, University of North Carolina at Charlotte, University of North Carolina at Greensboro, University of North Carolina at Pembroke, University of North Carolina at Wilmington, Western Carolina University, and Winston-Salem State University.
• $1 million annually to the North Carolina Youth Outdoor Engagement Commission for grants of up to $5,000 per team or group, per county, to help cover the cost of travel to in-state or out-of-state sporting events and grants of up to $25,000 to attract amateur state, regional, area, and national sporting events, tournaments, and programs.
• Certain reimbursements to the NC State Lottery Commission (NCSLC) and the NC Department of Revenue (NCDOR) for expenses incurred to implement and administer the new law.

Any remaining proceeds:

• 20% will be distributed evenly among the 13 state universities to support collegiate athletic departments.
• 30% to a new North Carolina Major Events, Games, and Attractions Fund to foster job creation and investment in the state.
• 50% to the state’s General Fund.

Meanwhile, the deadline to comment on the rule-making process for the third set of wagering rules is Friday, April 19. They include the following:

• Eliminated use of “Wagering Lounge” for “Wagering Facility.”
• Returned/Insufficient payments basis for discipline or denial.
• International criminal history record checks triggered by residency.
• Failure to comply with NCDOR requirements basis for discipline or denial.
• Addressed conflict of interest for hearing officers in our disciplinary process.
• Financial Institutions used to hold reserve must be authorized to do business in NC.
• Clarified treatment of seized winnings from voluntary excluded players.
• Facility rule additions for equipment list, key inventory, surveillance system malfunction, and security retention and cooperation requirements.

The process also contains two new proposed rules. The first proposal sets a deadline for licensees to respond to a formal letter of inquiry from the commission. It most likely will be used in investigations in which there are specific questions and possible requests for documents from licensees. The rule also sets out a deadline for responses to those letters. The second proposed rule addresses the inspection of wagering facilities, both pre-operational and subsequent inspections. 

The proposed rule updates and new provisions have a proposed effective date of 30 days after the commission’s adoption. 

Individuals can submit comments using a webform, or by emailing comments to [email protected], along with the person’s name, contact information, business or organization (if applicable), and the rule numbers on which they want to comment. 

You can go to the commission’s sports betting website for more information. 

The post Place Your Bets: Over $659 million wagered in first 3 weeks of NC sports betting first appeared on Carolina Journal.