A new law in North Carolina that allows gambling on college sports includes funding for college athletic departments.
According to Spectrum News 1, House Bill 347 allocates money for athletic departments at 13 state-run universities in North Carolina. The first pool provides $300,000 annually to each school after fixed allocations, and the state will take 20 percent of the remaining tax revenue and split it evenly among the schools.
North Carolina did not previously provide any funding for collegiate athletic departments.
According to the Governor’s office, funds from the gambling taxes will be used toward “Department of Health and Human Services gambling addiction education and treatment programs, NC amateur sports, public universities, a fund to help bring major sporting events and festivals to the state, the NC Outdoor Heritage Advisory Council and the state’s General Fund, among other purposes.”
Estimates by the North Carolina House of Representatives forecast that the gambling industry could bring a potential yearly influx of $100 million dollars to the state by 2029.
