The Duke-North Carolina rivalry has spent more than a century producing hatred, heartbreak and grown adults screaming at college students. North Carolina has now found a beautiful new wrinkle: betting activity involving Duke can help create tax revenue that eventually winds up funding North Carolina Tar Heels athletics.
No, there is not literally a “Duke lost, send UNC $14” button in Raleigh. But North Carolina’s newly revamped sports-wagering formula pools taxes collected from sportsbook revenue and distributes millions of dollars to public university athletic departments, including UNC and NC State for the first time.
North Carolina Found A New Way To Make The Duke Rivalry Weird
Gov. Josh Stein signed the state’s new budget on July 7, and the changes are significant.
The new state budget raises North Carolina’s tax on sportsbook gross wagering revenue from 18% to 23% and dramatically changes where that money goes. UNC and NC State, previously excluded from the university athletics distribution, are now eligible alongside the other public schools in the UNC System…