NC earned over $50 million from sports betting last fiscal year. Where did the money go?

North Carolina collected more than $50 million in fees and taxes from legalized sports betting in the fiscal year that ended July 1.

And this despite the fact that the introduction only took place in mid-March and the tax revenues from June were not yet included, as they were not due until July 20.

As of May 31, more than $1.8 billion had been wagered in North Carolina, a figure that includes free bets or promotional bets. Operators earned more than $234 million in revenue, according to North Carolina's calculations. That revenue is taxed at 18 percent under state law, so the state collected nearly $42 million in taxes.

There are also nine million dollars in license fees. The operators paid one million dollars for a five-year license, and other providers also had to pay.

The state's betting law determines how the revenue is distributed. Here is a breakdown of where the tax money went, according to the IRS:

• $41,780,571.51 in taxes collected;
• $2,150.26 to the Internal Revenue Service for administrative expenses;
• $2 million to the Department of Health and Human Services;
• $1 million for North Carolina Amateur Sports;
• $1 million to the North Carolina Youth Outdoor Engagement Commission;
• $10,675,684.24 to athletic departments of UNC System schools participating in intercollegiate athletic competition (excluding NC State and UNC). Each school received an equal share of $821,206.48;
• $10,163,526.37 for the state’s new Major Events, Games and Attractions Fund;
• $16,939,210.64 to the General Fund.

The IRS said it did not collect any fees or pay any money to the North Carolina Lottery Commission from taxes collected on sports betting because the lottery did not request a refund.

The lottery commission said it was reimbursed for more than $1.75 million in expenses during the last fiscal year.

The state collected more than $7.2 million in sports betting taxes in June, which will be applied to the current tax year. July figures will be released shortly.