NC bettors win nearly $6 billion in first full fiscal year of sports wagering

North Carolinians won nearly $6 billion during the first full fiscal year of legalized mobile sports wagering in the state, the N.C.

Lottery Commission reported Tuesday.

The commission tracks sports wagering based on the state fiscal year of July 1 to June 30.

The commission discloses the monthly report without comment.

Counting the $372.2 million won by account holders during June, the total for fiscal 2024-25 was $5.95 billion.

Account holders bet $433.2 million during June, up 8.8% year over year, which raised the fiscal 2024-25 total to $6.63 billion.

There was $12.4 million listed as promotional revenue in June from the eight licensed sportsbooks, as well as $222.5 million for the full fiscal year.

The monthly wagering record to date is the $685 million spent during March 2025.

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BetCarolina.com analyst Steven Bittenbender said that while wagering in June was down 23% from May, thats typical for this time of year as the sports calendar slows.

But the figure still reflects a healthy betting market heading into the slow season.

Industry analysts project that overall monthly betting totals are likely to ebb and flow with the annual sports calendar.

The National Football League continues to drive most interest, climaxing with the Super Bowl, followed by mens and womens college basketball March Madness.

What matters is sustained engagement, and all signs point to strong momentum as sportsbooks gear up for their first full NFL season in North Carolina, Bittenbender said.

Sports wagering kicked off in North Carolina on March 11, 2024 just days before March Madness began for the 2024 NCAA mens and womens basketball tournaments.

State residents have won just more than $8.42 billion through June 30.

Meanwhile, bettors have spent $8.88 billion on wagers.

Supporters of legal betting, particularly bipartisan legislative sponsors, envisioned the revenue generated serving as a modest supplement to the states General Fund to help offset recent annual reductions in the corporate and individual income taxes.

Legislative analysis of House Bill 347, which authorized sports wagering, projected about $40 million in 2024 annual tax revenue and more than $100 million annually by 2029.

However, the total to date has been $166.9 million, according to the N.C.

Revenue Department.

That includes $116.6 million for fiscal 2024-25.

Bittenbender said its realistic for North Carolina to experience between 10% and 15% annual growth in the short term, although a potential state and/or national economic downturn could leave bettors with less money to wager.

Buried within the Republican-sponsored One Big Beautiful Bill that President Donald Trump signed into law Friday is legislation that will affect certain North Carolina bettors starting with the 2026 federal tax year.

Gambling winnings, including sports betting, above $600 are considered taxable income and must be reported on federal tax returns and most state tax returns that includes North Carolina.

Gambling losses can be deducted on federal tax returns.

According to the Internal Revenue Service, the amount of losses subject to deduction cannot exceed total gambling winnings.

The new federal law reduces from 100% to 90% the amount of losses that bettors can deduct.

For example: If a bettor wins $10,000 and loses $10,000, instead of previously being a wash tax-wise, the bettor for fiscal 2026 and beyond can only claim a $9,000 loss and must declare $1,000 as taxable income.

The tax change is projected to generated $1.14 billion in additional federal tax revenue between 2026 and 2035.

Because North Carolina does not allow bettors to deduct gambling losses on state tax returns, Bittenbender said the new federal law delivers a double whammy to Tar Heel bettors.

For North Carolinians, the federal cutback isnt just a trimming of deductions it piles on top of a state level ban, leaving players taxed on phantom profits.

During the 2025 regular session, bipartisan House Bill 14 was introduced that would permit a deduction for a certain amount of gambling losses.

The bill advanced to the June 25 House floor calendar, only to be withdrawn the same day before a vote was held.

A legislative fiscal note on HB14 estimated it would have reduced state tax revenue by $42 .1 million in fiscal year 2025 26, which factors in taxpayers filing amended 2024 state tax returns.

For the five-year period through fiscal 2029-30, there would have an estimated $145.8 million in reduced state tax revenue.

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