North Carolina is betting millions on Charlotte's biggest events
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Public investment to secure major events is now part of doing business as cities and states compete for capital, Wake Forest economics professor Todd McFall tells Axios.
Why it matters: North Carolina's $14.4 million commitment to bring the Women's Tennis Association Finals to Charlotte shows how the state is using sports betting tax revenue to compete for marquee events.
Catch up quick: On Wednesday, the WTA announced Charlotte as the host of the WTA Finals from 2027-2029 at Spectrum Center, with the option to host a WTA 500 event starting in 2030 if Charlotte can provide a new tennis-specific facility. The location of a potential facility is TBD.
- The organization will also move its headquarters to Charlotte. The timing, location and number of employees are TBD, WTA chair Valerie Camillo tells Axios.
Go deeper: WTA to bring HQ and finals to Charlotte
Context: State dollars to secure the WTA Finals come from North Carolina's Major Events, Games, and Attractions Fund (MEGA). The fund is used to attract major one-off events to the state, including the MLS All-Star Game, Stellar Awards and a U.S. men's national team World Cup sendoff match.
- The MEGA Fund was established as part of North Carolina's 2023 law legalizing sports betting. Thirty percent of annual revenue from sports betting taxes in North Carolina sustain the fund.
How it works: The N.C. Commerce Department runs the MEGA Fund.
- Anticipated in-state spend by the organizers of an event determines how much the state contributes.
- Event organizers must meet a certain in-state spend threshold before the grant can be disbursed. For the WTA Finals, that's $12 million per year over three years in order to be reimbursed up to $4.8 million per year, N.C. Secretary of Commerce Lee Lilley told reporters. The state funding is for the finals, not the WTA's headquarters (Mecklenburg County and the city of Charlotte committed $2.5 million each for the latter).
- In-state spend differs from economic impact in that it includes lodging and dining.
Between the lines: The MEGA Fund is intended for attracting events rather than constructing facilities, meaning you won't see a MEGA Fund grant allocated toward a potential future tennis facility, Lilley says.
- However, the fund could be used to help attract the NFL Draft.
Go deeper: NFL commissioner says Charlotte is "built for a Draft"
By the numbers: $14.4 million is North Carolina's largest commitment to date and the first announced for 2027.
- The fund provided $3.7 million for two events in 2025, state data shows.
- That number jumped to 11 events and $16.3 million in 2026.
The bottom line: The MEGA Fund provides the same sort of incentives as a tax break or state reimbursement to lure a major corporation, McFall says. The funding source and its uses differ, but certain benchmarks still have to be met for the state to play ball.