May was another busy month for online sports betting as North Carolinians wagered over $525.5 million, according to a report released by the North Carolina State Lottery Commission.
The report, compiled by activity reported by eight licensed interactive sports wagering operators, showed that paid wagering revenue was over $494.6 million, the total paid as winnings was over $458.6 million, gross wagering revenue, or the amount operators collected, was a little over $63 million. The state levies an 18% tax on that amount, which means the state will collect over $11 million in taxes. The promo wagering revenue was just over $30.9 million.
Bets wagered have slowed down since the initial opening of sports betting in the state. In March, over $659.3 million was wagered, followed by $648.9 million in April.
Totals in the first three months nclude over $1.8 billion wagered, with total winnings of over $1.5 billion. Gross wagering revenue was over $234.8 billion, paid wagering revenue was over $1.5 billion, and promo wagering revenue was over $313.2 million.
Also, as of the end of May, each of the 13 college athletic departments in the UNC System, excluding UNC and NC State, will receive over $820,000.
The NC Department of Revenue is responsible for collecting the tax proceeds from sports wagering revenue.