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Friday, June 14, 2024

North Carolina HBCUs cash in as gambling losses hit $100 million

The introduction of sports gambling in North Carolina has resulted in losses for millions, but it will be a windfall for athletics at several HBCUs as well as other schools within the state. 

The state lottery commission reports that more than $105 million was lost in the state on sports betting in the first full month since it became legal. The number was $66 million for March, which only accounted for the final two-thirds of the month. Eighteen percent of that money goes back to the state, coming out to more than $30 million in tax revenue so far.

HBCUs, North Carolina CentralHBCUs, North Carolina Central
NC Central and WSSU both stand to gain from sports betting in the state, which was greenlighted back in 2023. (Steven J. Gaither/HBCU Gamday photo)

The five public HBCUs stand to benefit from the move. Those HBCUs are Elizabeth City State University, Fayetteville State University, N.C. Agricultural & Technical State University, N.C. Central University, and Winston-Salem State University. Up to $300,000 annually will go to these universities 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.

Millions will also go to the Department of Health and Human Services for gambling addiction education and treatment programs and youth sports iniatives.

Once all the primary money has been distributed, twenty percent of what remains will be distributed evenly among the 13 state universities to support collegiate athletic departments.

North Carolina HBCUs cash in as gambling losses hit $100 million

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