North Carolina Online Sports Betting Bill To Be Signed into Law

The North Carolina legislature has given a final approval on June 7, 2023 to legalize online sports gambling in the state. The bill additionally allowing sports gambling in selected land-based gambling facilities is expected to be signed into law by Gov. Roy Cooper. As WRAL News reports, the launch of online gambling operations may start as soon as January 8 or anytime within the one-year deadline set by the law.

Sports Wagering Bill:

Having been considered and polished by the Senate and the House, Bill 347 cleared the House on June 7 to allow betting on professional and college sports and horse racing from mobile devices. The bill also allows in-person sports wagering in eight designated venues across the state. Under the Bill, 12 mobile operators will be awarded the five- ssbet77 year renewable gaming licenses at a cost of $1 million each. These sports books will also be bound to make an 18% tax contribution on their gross gaming revenues.

January 8 Launch:

According to the source, online sports betting could be launched still on January 8, 2024. Nevertheless, the North Carolina Education Lottery Commission is legally allowed the one-year deadline from the bill becoming law to kick off mobile betting in the state. As the bill is sent to be signed by Gov.Cooper, it seems that the countdown may start in a few days.

A Lottery representative Van Denton told the source that this body will be working hard to facilitate the soonest possible kick off. On the other hand, bill opponents consider the launch scheduled too soon. Rep. Pricey Harrison reportedly said that the January 8, 2024 deadline does not provide enough time ”to set up a gambling regulatory structure in the state.”

$100 Million Tax Potential:

According to the source, fiscal authorities estimate that the state of North Carolina could generate $100 million in tax revenues from sports betting within the first five-year period. Taking into account the reports that the state’s budget is at an around $30 billion level, it is clear why the bill proponents have persisted to keep the legalization issue at the table and have the bill sent for final signature.

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Setting Up the Industry:

Democratic Gov. Roy Cooper supported the measure throughout the legislative process. Jordan Monaghan, a Cooper spokesperson, reportedly stated: “The Governor believes that North Carolina taxpayers should benefit from sports wagering which is already occurring, and this legislation provides a way for that to happen within the bounds of the law. Additional work needs to be done to make sure the NC Lottery Commission has what it needs to set up and regulate this industry.”

Pro et Contra:

The bill has passed a long way since 2021 when it was voted in the Senate but failed in the House to start the long-lasting legislative journey. Critics and some organizations indicated that sports betting would have adverse effects on society and may lead to problem gambling against ”the marginal increase in revenue” indicated by NC Justice Center. Rep. Abe Jones reportedly said: “We don’t need this money to bring this industry in. They need to stay out of here. It’s going to hurt people.” 

At the same time, bill supporters argued that the legalized sports wagering operations will generate additional tax revenue and claimed that people gamble anyway through underground operators or in the neighboring states with regulated gambling markets. According to the source, the industry’s geo-tracking checks have found more than 155,000 sports wagering accounts in North Carolina placing bets with the neighboring mobile operators.

“The interest is undeniable,” John Pappas, GeoComply’s senior vice president for government and public affairs reportedly said. “It is also undisputed that regulation will give adult bettors in North Carolina safe and accountable options to wager and the state an important new revenue stream.”

Eight Gambling Lounges:

The venues that will be allowed to operate either permanent or temporary in-person sports books are listed by the source as follows:

PNC Arena in Raleigh, WakeMed Soccer Park in Cary, Bank of America Stadium and Spectrum Center in Charlotte, Charlotte Motor Speedway in Concord, North Wilkesboro Speedway, Sedgefield Country Club in Greensboro and Quail Hollow Country Club in Charlotte.

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Joining Regulated Markets:

At the moment, sports wagering is only allowed at three tribal casinos in the State. However, the signing of the disputable Bill 347 to legalize sports betting in the southern US state is expected soon. With the launch of the sports betting market expected on January 8, 2024, North Carolina will join other regulated US gambling markets to show whether the bill opponents or supporters were right about its impact on the community.