When North Carolina officially launches sports betting on March 11, the state’s government won’t be the only entity benefiting from the expected cash windfall.
Small colleges and universities in the Tar Heel State will also reap some of the rewards resulting from legalized North Carolina sports betting apps.
According to WUNC — North Carolina’s public radio station — 13 higher learning institutions with the smallest athletic department budgets will each receive an allocation of $300,000.
This allotment will be taken from North Carolina’s yearly tax revenue generated by sports betting in the state once it launches. And early projections estimate that number could eventually rise to $1.5 million per qualifying school.
Here is more on North Carolina sports betting revenue.
Which North Carolina Schools Will Receive Revenue?
When sports fans think of North Carolina colleges and universities, schools like UNC Chapel Hill, Duke, or Wake Forest might come to mind. However, those schools — and others of that ilk — won’t be the beneficiaries of the $300,000.
That’s because, from a financial perspective, those institutions boast some of the state’s biggest athletic departments. Essentially, this initiative is reserved for schools needing economic support.
The University of North Carolina at Pembroke is one college that will receive the funds. Dick Christy, the school’s athletic director, says the money for his school will be “game-changing.”
In addition to UNC Pembroke, other schools on the list for the allotment are Appalachian State University, East Carolina University, Elizabeth City State University, Fayetteville State University, North Carolina Agricultural & Technical State University, North Carolina Central University, University of North Carolina at Asheville, University of North Carolina at Charlotte, University of North Carolina at Greensboro, University of North Carolina at Wilmington, Western Carolina University, and Winston-Salem State University.
When Does North Carolina Sports Betting Launch?
Bettors who want to place wagers can do so in person by visiting any of the three tribal casinos in North Carolina. But bettors cannot take advantage of placing wagers online through sports betting apps yet.
According to WSOC-TV, the deadline for the launch of NC online sports gambling using operators like FanDuel or DraftKings is June 15.
However, NC State Lottery Commission Chair Ripley Rand said, “so that people can bet on Duke, bet on Carolina, and bet on their other favorite teams,” the state hopes to be live before March Madness tips off this year.