North Carolina HBCUs will see financial windfall from legalized sports betting

By Special to HBCU Sports
From – https://hbcusports.com/
Reprinted – by Texas Metro News

Online mobile sports betting is now legal in North Carolina and HBCUs are expected to receive a windfall.

A law passed last summer by the state legislature allowed people to place bets on mobile devices. The legislation passed in June, creates a new revenue stream for 13 athletic departments across the state from the state’s cut of tax revenue paid by the operators, WRAL reported.

The revenue is expected to be a financial boon for smaller athletic departments in North Carolina.  The North Carolina state budget also allocates $1.16 million for each of the 13 athletic departments from sports betting revenue in the 2024-25 budget.

So, 10 initial programs could see close to $2 million for the fiscal year that starts July 1.

The only stipulation is that universities cannot use state funds for athletics unless they are specifically marked for sports. To deal with increased costs, particularly at colleges in conferences without large television contracts, schools increased student athletic fees.

“As sports betting moved through the legislative process, including its 2022 failure in the state House by a single vote, the legislation always included money for smaller colleges, like Asheville, Pembroke and historically Black colleges and universities, or HBCUs,” WRAL reported.

North Carolina A&T, Winston-Salem State, Elizabeth City State, Fayetteville State and North Carolina Central stand to benefit from the revenue generated.