SB 595 requires operators to report annual winnings of $2,000 or more; the bill awaits action from Gov. Josh Stein as sports wagering revenue continues to climb.
BC News Staff Writer
Raleigh, NC — Senate Bill 595, North Carolina’s latest revenue package, introduces a new reporting requirement for sports‑betting operators but does not add any new reporting mandate for lottery winnings.
The bill has passed the General Assembly and is now awaiting action from Gov. Josh Stein. As of Wednesday morning, the Governor has not signed or vetoed the measure.
Under SB 595, interactive sports‑wagering companies must provide the Department of Revenue with information on any bettor whose annual winnings reach $2,000 or more. The reporting requirement is intended to help the state verify taxable income from sports wagering and ensure compliance with existing income‑tax laws. The mandate applies only to sports‑betting platforms.
A proposed section that would have required the North Carolina Education Lottery to report winner information was removed before the bill advanced.
The new reporting rule arrives as sports wagering continues to generate significant revenue for the state. North Carolina collected more than $116 million in sports‑betting tax revenue during the last full fiscal year, driven by more than $6.4 billion in wagers. Collections for the current fiscal year have already surpassed $133 million, positioning the state to exceed last year’s total even before the higher 23 percent tax rate takes effect on July 1.
SB 595 also updates state withholding rules for gaming payouts beginning in 2027. North Carolina will withhold state income tax on gambling winnings only when federal law requires withholding.
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