Mobile sports betting in North Carolina is officially legal, though eager bettors will have to wait up to a year to start placing online bets. North Carolina Gov. Roy Cooper signed the mobile sports betting bill into law on Wednesday morning after it passed by a 37-11 vote in the Senate on June 1.
Another Tennessee neighbor is on track to launch sports betting in the next few months. Kentucky legalized sports betting on March 31, and lawmakers say they may be able to launch sometime during the NFL season. Kentucky’s bill stipulates that sportsbooks must be launched by December 28, 2023.
Gov. Cooper signed North Carolina’s mobile sports betting bill Wednesday in the Spectrum Center in Charlotte, home of the Charlotte Hornets.
“Let’s face it, sports wagering is already happening in our state,” Cooper said. “Surrounding states here and across the country are already taking advantage. This legislation allows the state of North Carolina to regulate it and to put safeguards on it, as well as providing funding for helping people with problem gambling.”
Gov. Cooper’s signature clears the way for regulators to start accepting applications from mobile betting operators and ironing out details prior to the launch. Here’s what we know.
What is the Timeline for the Launch of North Carolina Online Sports Betting?
The bill sets a timeline for launch in 2024, but the exact date will have to be set by the Lottery Commission, which will be the body overseeing regulation for sports betting in NC.
An earlier version of the bill targeted Jan. 8, 2024. In the bill’s current language, gaming must start within 12 months of the bill becoming law, which would set June 2024 as the latest that online wagers could start.
“Everybody wants to see it by the first of the year if at all possible,” Cooper said.
The 12-month period is in place to ensure that regulations, taxes, and licenses are all set up correctly.
How Many North Carolina Sportsbooks Will There Be?
The Tar Heel state already has legal sports betting, but it’s been restricted to the state’s three retail sportsbooks: Harrah’s Cherokee Casino Resort, Harrah’s Cherokee Valley River Casino, and Catawba Two Kings Casino.
House Bill 347 significantly expands the opportunities for sports betting. The bill allows licenses for 12 gambling operators, with eight tied to professional sports facilities and an opportunity for four standalone mobile sports betting licenses. Additional mobile betting licenses outside those 12 can be granted to the tribes currently operating NC’s retail sportsbooks.
It is almost a certainty that big names like DraftKings, FanDuel, Caesars, and BetMGM will launch in North Carolina. It remains to be seen which other sports betting apps will find their way to NC. No matter which sportsbooks launch, most — if not all — of them will offer welcome bonuses.
Several professional sports facilities are likely to apply for retail and digital sports betting platforms, including:
- Carolina Panthers’ Bank of America Stadium in Charlotte
- Charlotte Motor Speedway
- North Wilkesboro Speedway
- Carolina Hurricanes’ PNC Arena in Raleigh
- Quail Hollow Country Club in Charlotte
- Sedgefield Country Club in Greensboro
- Charlotte Hornets’ Spectrum Center in Charlotte
- WakeMed Soccer Park in Cary
How North Carolina Benefits from Sports Betting Tax Revenue
During the signing ceremony, Gov. Cooper highlighted the economic benefits of mobile sports betting for the state. The North Carolina mobile sports betting tax rate is 18% of gross gaming revenue and does not allow deductions for promotional credits.
“It will benefit North Carolina taxpayers by giving them a portion of the earnings,” Cooper said.
Tax revenue is assigned to support gambling addiction education and treatment, nonprofit organizations focused on amateur and youth sports, athletic departments at the state’s universities, and grants for drawing entertainment, sporting, musical, political, and theatrical events into North Carolina.
According to Gaming Today, current projections estimate that by the third year of online sports betting, the state could see $100 million in tax revenue from total bets exceeding $6.6 billion.
Article contributed by Hannah Vanbiber.
