Sports betting was recently legalized in North Carolina, and in the first full month, residents lost over $105 million on these wagers. In March, which only included the final two-thirds of the month, losses totaled $66 million.
The state lottery commission collects an 18% tax on these losses, which has already generated over $30 million in revenue for the state government.
A portion of this new tax revenue will be allocated to support athletics programs at several historically black colleges and universities (HBCUs) in North Carolina, as well as other schools in the state. So while legalized sports gambling has resulted in significant losses for many individuals, it will provide a financial boost to college sports programs.
The five public Historically Black Colleges and Universities (HBCUs) in North Carolina, namely Elizabeth City State University, Fayetteville State University, N.C. Agricultural & Technical State University, N.C. Central University, and Winston-Salem State University, are set to benefit from this initiative. These institutions, along with Appalachian State University, East Carolina University, University of North Carolina at Asheville, University of North Carolina at Charlotte, University of North Carolina at Greensboro, University of North Carolina at Pembroke, and University of North Carolina at Wilmington, could receive up to $300,000 annually as part of the financial support resulting from the legalization of sports betting in the state.
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