Current:Home > FinanceNorth Carolina sports wagers well over $1 billion in first months under new law, report says-InfoLens
North Carolina sports wagers well over $1 billion in first months under new law, report says
View Date:2024-12-23 17:11:08
People in North Carolina have bet over $1 billion on sports through several gambling operators authorized under a state law to begin taking online wagers two months ago, according to a report released Friday. The customers’ early losses are resulting in tens of millions of dollars in state revenue.
The North Carolina State Lottery Commission, which regulates the betting, said that gamblers wagered $1.026 billion on sports activities from smart phones and desktops from March 11 through April 30. That rises to $1.308 billion when “promotional wagers” — incentives offered by companies for new customers to gamble — are included.
Customers have generated winnings of $1.129 billion, although the paid winnings for all of April were $53.3 million less compared to winnings from the three weeks in March when gambling was permitted, the commission report said.
The companies authorized to take bets have received $171.7 million in gross wavering revenue, from which the state receives an 18% cut in taxes. That would work out to $30.9 million.
State law approved in 2023 to legalize the betting directs the government’s proceeds go in part to athletic departments at 13 University of North Carolina system schools, amateur sports initiatives and gambling addiction education and treatment.
The sports gambling legislation also authorizes in-person sports wagering, statewide betting on horse races and rules to permit live horse racing. None of the three currently are in place. Before the law was carried out, sports gambling was legal in North Carolina only at three casinos operated by two American Indian tribes.
veryGood! (49)
Related
- Jury awards Abu Ghraib detainees $42 million, holds contractor responsible
- 5 Things podcast: Israeli airstrikes hit refugee camps as troops surround Gaza City
- Yellen to host Chinese vice premier for talks in San Francisco ahead of start of APEC summit
- In the Florida Everglades, a Greenhouse Gas Emissions Hotspot
- Larry Hobbs, who guided AP’s coverage of Florida news for decades, has died at 83
- See Corey Gamble's Birthday Message to Beautiful Queen Kris Jenner
- NBA highest-paid players in 2023-24: Who is No. 1 among LeBron, Giannis, Embiid, Steph?
- Vikings QB Joshua Dobbs didn't know most of his teammates' names. He led them to a win.
- Mike Tyson vs. Jake Paul fight odds will shift the longer the heavyweight bout goes
- Cody Dorman, who watched namesake horse win Breeders’ Cup race, dies on trip home
Ranking
- Kentucky officer reprimanded for firing non-lethal rounds in 2020 protests under investigation again
- Prince William goes dragon boating in Singapore ahead of Earthshot Prize ceremony
- Universities of Wisconsin unveil plan to recover $32 million cut by Republicans in diversity fight
- 'Sickening and unimaginable' mass shooting in Cincinnati leaves 11-year-old dead, 5 others injured
- Congress heard more testimony about UFOs: Here are the biggest revelations
- Another ex-player is alleging Blackhawks’ former video coach sexually assaulted him in 2009-10
- New Edition announces Las Vegas residency dates starting in late February after touring for 2 years
- Father of July 4th parade shooting suspect pleads guilty to misdemeanors linked to gun license
Recommendation
-
Diamond Sports Group can emerge out of bankruptcy after having reorganization plan approved
-
Pakistan steps up security at military and other sensitive installations after attack on an air base
-
Burrow passes for 348 yards and 2 TDs and Bengals’ defense clamps down on Bills in 24-18 win
-
30 people dead in Kenya and Somalia as heavy rains and flash floods displace thousands
-
Panel advises Illinois commemorate its role in helping slaves escape the South
-
Three found dead inside Missouri home; high levels of carbon monoxide detected
-
New Edition announces Las Vegas residency dates starting in late February after touring for 2 years
-
See Corey Gamble's Birthday Message to Beautiful Queen Kris Jenner