Football drives up sports betting in North Carolina
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College and pro football's return has been a boost for legal mobile sports betting in North Carolina.
Why it matters: It follows the trend experts expected after a summertime decline that football would drive betting back up after North Carolina's strong start last spring.
By the numbers: The total bet in September was $575.4 million, the state's third highest month since mobile sports betting went live in March, per the latest data from the North Carolina State Lottery Commission.
- It's also more than $200 million compared to August ($370.5 million) and July ($340.8 million).
- Total won in September: $501.6 million
What we're watching: There are multiple "sweet spots" for sports betting, UNC Charlotte economics professor Craig Depken tells Axios.
- March/April during the NCAA tournament.
- September/October with the return of NFL and college football, plus the NBA, college basketball and NHL.
- The end of the calendar year during college football bowl season.
- January/February with the NFL playoffs and the Super Bowl, plus the return of college basketball.
Between the lines: North Carolinians lost about $70 million on sports bets in September (considering the total amount of bets placed, won and canceled).
- The state taxes this amount, known as gross wagering revenue, by 18%, meaning the N.C. Department of Revenue collected around $12.6 million in September. That's more than double the revenue generated in August.
- $2 million of these funds annually are allocated to the Department of Health and Human Services' gambling addiction education and treatment.
- $1 million annually goes to North Carolina Amateur Sports, a Durham-based nonprofit that promotes youth sports and fitness.
- Funds also go toward 13 state college athletic departments, including the Charlotte 49ers. See the full breakdown of where revenue goes here.