NC Budget Proposal Would Change Sports Betting Tax Revenue Distribution

Written by: Michael Savio
Published June 20, 2024
2 min read
NC Budget Proposal Would Change Sports Betting Tax Revenue Distribution

NC Budget Proposal Would Change Sports Betting Tax Revenue Distribution

The Tar Heel State could soon make a major change in where their sports betting tax revenue goes.

North Carolina’s 2025 budget proposal was presented in the state’s House of Representatives this week. The proposal includes a change to how sports betting tax revenue is distributed. The biggest change would send some of that money to support the athletic programs at the University of North Carlina and North Carolina State University. The state currently send $300,000 to athletic programs at 13 colleges, but left UNC and NC State out due to their already massive budgets.

The proposed budget would also send an addition $5 million annually to the Youth Outdoor Engagement Commission.

“There’s so much more money coming in from sports betting than was originally forecast,” said Rep. Jason Saine, a sponsor of the original sports betting bill.

In order to pay for these changes, the state would cut tax distribution to the Nother Carolina Major Events, Games, and Attractions Fund by 5%. The cut was added due to the strong success of the sports betting market, meaning the fund will still see plenty of tax revenue sent their way.

North Carolina has collected over $42 million in tax revenue since launching in March 2024.

Budget Would Open Up Another Operating License

North Carolina currently has eight online sportsbooks licensed in the state, but they would add another if the budge proposal is approved. The proposal would create a license for the Carolina Cowboys, which is a team from the Professional Bull riders organziation. That would allow the team to partner with a sports betting operator to launch a sportsbook.

If approved, it would make an opening for operators to get in on a red hot North Carolina sports betting market. While there has not been any talk of potential partners, we would expect ESPN Bet and BetRivers to be two suitors looking to enter the market.

There is a ninth sports betting license that has been awarded to the Catawba Two Kings Casino, but they have yet to partner with an operator.

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Michael Savio

Sports Betting Analyst

Expertise:
Gambling News
MLB
NCAAB
Online Sports Betting
Michael is an avid sports fan and a veteran bettor from Milwaukee. He learned the trade from his grandfather in Las Vegas as a kid and has turned that into a successful career. He cheers for all Wisconsin pro teams along with his Alma Mater Arizona State. He specializes in baseball betting, but has experience in football, basketball, and hockey as well. When he isn’t pouring over stats, he’s spending time with his two young children.
Nationality: American
Education: Bachelor of Political Science
Favourite Sportsbook: Caesars Sportsbook
Favourite Casino: BetMGM Casino
Experience:
3 years
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