North Carolina sports betting revenue surpasses expectations as retail options loom

North Carolina's sports betting initiative has far exceeded initial financial forecasts, accumulating over $62 million in tax revenue since its inception on March 13. The announcement was made during a recent North Carolina Lottery Commission meeting, where Sterl Carpenter, the deputy executive director of gaming compliance and sports betting, detailed the state's performance.

Originally, lawmakers had projected a total of $36.1 million in sports betting tax revenue for fiscal year 2025. However, with more than $2.5 billion wagered in the state, it is clear that North Carolina's sports betting landscape is thriving. 

Between March and June alone, the state garnered approximately $49.5 million in tax revenue from a gross gaming revenue of $275.1 million, following an 18% tax rate on that revenue. This performance comes in stark contrast to the original expectation of merely $8.5 million in tax revenue for fiscal year 2024.

The positive trend is evident as the state continues to see robust revenue figures. In the initial months of fiscal year 2025 (July and August), North Carolina reported an additional $13.6 million in tax revenues from sports betting. The previous estimates had anticipated a total of $53 million in tax revenue for the entire fiscal year.

Alongside this, the North Carolina Lottery Commission is preparing to introduce retail sports betting options, which will allow players to place bets in person.

The commission took crucial steps towards facilitating the launch of in-person sports betting. Approval was granted for operators to begin the process of obtaining the necessary certifications to offer retail betting, marking a shift from the current online-only model.

To launch retail betting, operators must engage with lottery commission officials, submit operational documents, pass rigorous testing, and complete on-site inspections at their venues. Notably, each facility will have the autonomy to determine its own launch date, diverging from the previously coordinated rollout for online betting.

Eight locations across the state have been identified as eligible to host in-person sportsbooks, including prominent venues like PNC Arena in Raleigh, Bank of America Stadium and Spectrum Center in Charlotte, as well as Charlotte Motor Speedway and Sedgefield Country Club in Greensboro.