North Carolina reports a steep 55% year-over-year decline in sports betting revenue for April, marking a significant downshift in the state's betting market.
North...
North Carolina considers sports betting tax increase
North Carolina is considering a sports betting tax increase for both betting companies and college sports programs.
Online sports betting only launched in the state this March with an 18% tax on betting revenue. But now, Senate Republicans want to double that rate to 36%. If approved, North Carolina would become one of the highest-taxed sports betting markets in the U.S., joining states like Pennsylvania and New York.
Betting giants like FanDuel and DraftKings are expected to oppose the idea. Still, with Republicans holding the majority, lawmakers are confident the proposal will pass as part of the new two-year budget.
Under the plan, UNC-Chapel Hill and NC State would finally receive funding of $24.4 million starting July 1, and $31 million the following year. Other smaller UNC schools could get between $500,000 and $1.5 million, depending on their needs.
It’s mostly about funding college athletics. Since betting began, over $135 million in taxes has already been collected. A higher tax rate could mean even more support for programs at schools across the UNC system.
Now, the future of sports betting taxation remains uncertain in the state.
After only a year of legalized mobile sports betting's debut in North Carolina, the state reports wagers of more than $6.1 billion.Having a taxation rate of 18%, the...
