Sports wagering officially went live in North Carolina on March 11, less than a year after the General Assembly passed the bill and Gov. Roy Cooper signed it into law. In 2018 the Supreme Court released a historic decision when they struck down the Amateur Sports Protection Act, making sports wagering a possibility all around the country. Since that ruling, thirty-eight states plus the District of Columbia and Puerto Rico have legalized sports wagering to varying degrees. States that have implemented these policies have already begun to reap the revenue benefits.
The North Carolina law allows for online sports betting as well as wagering within a mile and a half of any of the eight professional sports sites located in the state. Those included in the Charlotte Region are Bank of America Stadium, Charlotte Motor Speedway, and Quail Hollow.
Many states have already experienced an uptick of tax revenue generated from sports wagering. In the third quarter of 2023 the United States generated over $505 million in tax revenue. New York held an oversized share of the revenue, accounting for $188.53 million, representing over 37% of the total national tax revenue for the quarter. This reflects a nationwide trend of increasing revenue generation and participation in the industry.
The Charlotte Region is poised to make a leap into this tax revenue list in March, and according to a legislative branch analysis, state revenues could exceed $100 million annually within five years. The government’s share will go in part to athletic departments at 13 University of North Carolina system schools, amateur and youth sporting events and gambling addiction education and treatment programs.
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Top 10 State Government Tax Collections Q3 2023 |
|
|
State |
Sports betting Tax Revenue (in thousands of dollars) |
|
New York |
$188,530 |
|
Indiana |
$38,622 |
|
Ohio |
$32,855 |
|
Illinois |
$32,430 |
|
Pennsylvania |
$28,833 |
|
New Jersey |
$20,191 |
|
Tennessee |
$16,130 |
|
Massachusetts |
$13,016 |
|
Virginia |
$12,866 |
|
Montana |
$10,613 |
Source: U.S. Census Bureau, Quarterly Summary of State and Local Government Tax Revenue
As the voice of business for the Charlotte Region, the Charlotte Regional Business Alliance advocated for sports wagering last year, championing its potential benefit to North Carolina’s economy, revenue streams, and competitiveness. Two southeastern states, Virginia and Tennessee, have seen more than $140 million in tax revenue since enacting policies to allow sports wagering. As with competition for economic development projects and jobs, North Carolina will continue to compete with Virginia, Tennessee, and other states on quality-of-life opportunities like sports wagering.
The CLT Alliance supports policies that encourage cultural arts, travel, professional sports, events, and other things that make the Charlotte Region attractive for economic development and tourism. Advancing sports wagering was about improving quality of life for North Carolina residents and continuing to drive economic activity in the Charlotte Region.
