The third full month of legal sports betting has wrapped up in North Carolina, and the amount of money being wagered has continued to fall.
The total value of wagers placed in June was around $398 million, an almost 25% decrease from the month before.
From those wagers, players in North Carolina won $354.7 million.
While there is a notable decline from previous months, the amount of promotional funds being used has also decreased significantly, from over $202 million in March down to $16.4 million in June. Some of the decrease in wagers can likely be attributed to more promotional deals being offered in March to encourage sign-ups.
The best month for sports betting so far was April, when bets totaling over $569 million returned winnings over $538 million.
In less than four months, almost $2 billion has been wagered in North Carolina.
June was also the lowest month for gross revenue from sports betting, which came in at around $40.3 million, raising the total so far to $275 million.
North Carolina taxes gross revenue at 18%, so the department of revenue has so far totaled roughly $49.5 million in taxes from betting operators.
The state legislature estimated that sport betting would generate $64.6 million in its first year, and it seems that, despite the drop in wagers, that goal will likely be met by next March.
Here’s how that tax money will be allocated: $2 million will go toward treatment programs and education for gambling addiction, $1 million will go to North Carolina Amateur Sports to help fund youth sports, $1 million for the North Carolina Youth Outdoor Engagement Commission and up to $300,000 to the athletic departments of 13 UNC System schools.
The four schools that will not receive funding are N.C. State, UNC-Chapel Hill, UNC School of the Arts and North Carolina School of Science and Mathematics.
If there are funds left over, 50% will go toward the state’s general fund and 30% will go to the new North Carolina Major Events, Games, and Attractions Fund — which was created to help local governments attract major events to the state and bolster the tourism industry.
In addition to $300,000 annually, the remaining 20% of leftover funds will be evenly distributed between the athletic departments of the 13 state universities.