North Carolina residents had, for the first time, the opportunity to legally bet on Super Bowl LIX, held this Sunday. With the new regulations, the event gained a new element of excitement for local fans.
At Woody’s bar, located in City Market in Durham, Philadelphia Eagles fans gathered to watch the game and take advantage of the chance to bet.
Fan Mel Austin commented on the impact of betting on the sporting experience: “When you bet on someone, it makes me root for them a little more, a little stronger. I’m trying to win my money.”
In addition to local fans, the bar received visitors from different parts of the world. Callum Breslin, who traveled from London to Raleigh, highlighted the atmosphere there. “It’s the atmosphere, the vibe. It’s perfect,” he said.
He also made his first bet in the state and assessed the experience: “It’s a good thing, as long as people are responsible about it.”
Regulation of Betting in North Carolina
The legalization of sports betting in North Carolina took place in March 2024, after approval of a state bill. Between March and December of the same year, the new regulation generated more than one billion dollars.
Brian Murphy, WRAL sports reporter, commented on the financial volume involved: “Betters have spent about $5 billion so far. And that’s $5 billion without the Super Bowl, which is the biggest day in sports betting.”
Despite the release of bets on the event, some rules must be followed. According to state law, residents can only bet on actions that take place during the game.
Therefore, state law prohibits betting on side events, such as how many times the cameras show Taylor Swift or how long the National Anthem lasts. Even without side bets, the expectation is that the Super Bowl will continue to boost the sector’s revenue.
Murphy analyzed the impact of legalization and projected the coming months: “At the end of March, we will know exactly how much was bet in February. The most we reached in a single month was about $660 million.”
“I’m interested to see if February and the Super Bowl will push this over that number… I think February has a chance to be the highest month,” he added.
Growth in betting and concern for bettors
With the growth of betting, a new concern arises for bettors: taxation on winnings. The IRS has already started accepting income tax returns for 2024, and many are questioning how the profits made will affect their finances.
According to the Poole College of Management at North Carolina State University, the government taxes winnings from gambling. On the other hand, only taxpayers who opt for a detailed declaration can deduct losses. However, in North Carolina, the legislation differs from the federal one.
Murphy explained, “North Carolina is very different from the federal government and other states. Even if you won $10,000 but lost $11,000, in North Carolina you cannot deduct the money you lost.”
Additionally, some carriers provide tax forms. Therefore, for some bettors, this bureaucracy can be an obstacle. “A lot of paperwork and a lot of unexpected paperwork,” Murphy concluded.
