RALEIGH, N.C. — A new House budget proposal released Monday night would provide funding from legalized sports betting to two of North Carolina’s largest athletic departments, which would overturn current state law, WRAL reports.
North Carolina State University and the University of North Carolina at Chapel Hill were excluded from sharing tax revenue in 2023 when the law was first passed.
But tax revenue from sports betting has far exceeded expectations since March, according to WRAL.
The state is on track to collect more than $42 million by the end of last month.
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“The money coming in from sports betting is much more than originally projected,” said Republican state Rep. Jason Thayne, who sponsored the original sports betting bill and is the budget’s lead author.
If the proposal passes, the University of North Carolina and North Carolina State University would share 5% of sports betting tax revenues after the first distribution is made with Appalachian State University, East Carolina University, North Carolina A&T University and the University of North Carolina at Charlotte.
WRAL reports that the Senate doesn’t support all of the House proposal, and because both chambers are controlled by Republicans, they would need to agree on a spending plan for the bill to become law.
The changes will come into effect on August 1st.
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The proposed budget projects the University of North Carolina and North Carolina State University would each receive $930,000 for the 2024-25 fiscal year, which begins July 1. Appalachian State University, University of Charlotte, East Carolina University and North Carolina A&T University would each receive $1.775 million, according to WRAL.
UNC-Asheville, UNC-Greensboro, UNC-Pembroke, UNC-Wilmington, Western Carolina, Winston-Salem State University, Elizabeth City State University, Fayetteville State University and North Carolina Central will each receive $845,385.
(See: What to expect when sports betting becomes legal in North Carolina in 2024)
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