North Carolina has recently allowed sports fans to participate in legal sports betting – online or in-person at retail stores. The state is expected to regulate sports betting and horse racing in the initial half of 2024 after Governor Roy Cooper signed a bill in June 2023 to expand gambling opportunities. However, it might take a while before Sports betting activities swing.
This article analyzes the legal sports betting landscape in North Carolina, covering the recent legalization of online and retail sports betting and the regulatory framework. We will also discuss the tax rates for operators, the launch timeline for online sports betting, whether gambling sites are legal in NC and the potential implications for the state’s economy.
The Latest Bill Passed: How House Bill 347 is Set to Revolutionize North Carolina’s Betting Landscape
North Carolina’s gaming industry is about to experience significant changes with the passing of House Bill 347. The bill – signed into law by Governor Roy Cooper on June 14, 2023 – aims to expand the state’s gaming industry and generate more revenue for the state.
The new legislation will take effect on January 8, 2024, and legalizes and regulates wagering on professional, college, and amateur sports and horse racing in North Carolina. The North Carolina State Lottery Commission remains responsible for regulating sports wagering and will be responsible for issuing licenses and collecting license application fees.
Under the new law, there are two ways to place a sports wager. The first is in person, and the second is by registering to become a player via an interactive account. However, the interactive sports wagering operator must verify you are at least 21 to place a wager.
Sports wagers will be authorized on professional and college sports, electronic sports, amateur sports, or any other event approved by the Commission. Sports betting operators will be expected to pay a tax of 18% on their gross gaming revenue, and according to a fiscal note, the bill is expected to generate $24 million in annual revenue for the state by 2025.
Supporters of the bill, including Governor Cooper, emphasize that it will help North Carolina compete with other states that have already legalized sports betting, such as Virginia and Tennessee. It is also believed to create numerous good-paying jobs and foster solid economic opportunities for the state.
Are Online Casinos Legal in North Carolina?
Unfortunately, the answer is no, as North Carolina has no online casinos where you can play for real money. However, some social casinos offer virtual currency strictly for entertainment.
Alternatively, you can visit one of the three in-person casinos in the state. Although the possibility of legalizing online casinos in North Carolina soon seems unlikely, the anticipated introduction of legal online sports betting at the beginning of 2024 could pave the way for NC online casinos to be authorized in the coming years.
The official launch date for the bill has yet to be revealed, but here’s our guess.
The North Carolina State Lottery Commission has been working hard to develop the rules and regulations required for sports wagering and reviewing applications for licenses from various operators and service providers.
Although an official launch date is yet to be declared, the Commission has a five-month window from January to June 2024 to launch online sports betting in the state.
Several significant events and factors may influence their decision to launch, so it will be interesting to see how it unfolds.
One of the possible launch dates is March 2024, which coincides with the NCAA men’s basketball tournament, popularly known as March Madness.
However, implementing this option would require the Commission to speed up its rulemaking process and ensure that the operators are fully prepared and ready to go live quickly.
Another potential launch date is February 2024, conveniently aligning with the Super Bowl, the biggest single-day sports betting event in the US.
In fact, according to the American Gaming Association, over 31 million Americans were expected to place bets totaling more than $7.6 billion on Super Bowl LVI between the Los Angeles Rams and Cincinnati Bengals in the 2021 season.
Sadly, however, North Carolina’s Lottery Commission chairman has stated that online sports betting will not be launched until after the Super Bowl in 2024 – specifically on February 11.
Our third guess – which sounds improbable even to us – is September 2024, in time for the start of the 2024 NFL season, the most-watched and bet-on sports league in the US.
These dates are significant in revenue because they coincide with peak sports betting activity and demand periods, boosting the state’s tax collections and benefiting the operators.
A Dive Into the Use of Sports Betting Apps
The state law allows for up to 12 online sports betting licenses, each costing $1 million.
The state lottery commission is in charge of reviewing and approving the applications from sports betting operators, which must meet specific criteria, such as having experience in the industry, adequate financial and technical resources, and partnerships with licensed sports facilities or tribal casinos.
Several sports betting apps have already scored partnerships with North Carolina, such as Bet365, BetMGM, DraftKings, ESPN Bet, Fanatics, FanDuel, and Underdog Sports, which are some of the leading brands in the US market.
Frequently Asked Questions (FAQ)
When will North Carolina legalize online casinos?
Online sports betting has yet to be available in North Carolina, but the state has plans to launch it in 2024.
How many casinos are in North Carolina?
There are three land-based casinos in North Carolina:
- Harrah’s Cherokee
- Harrah’s Cherokee Valley River
- Catawba Two Kings Casino.
Is gambling legal in North Carolina?
Yes, certain forms of gambling are legal in North Carolina. This includes the North Carolina Education Lottery, three Indian casinos, charitable bingo and raffles, and low-stakes “beach bingo.” Regulated sports betting and horse racing are expected to begin across North Carolina in the first half of this year.
Conclusion
North Carolina is taking a balanced and pragmatic approach to regulating and taxing sports betting, which is set to launch online in 2024 and expand its retail options.
The state’s diverse and vibrant sports betting market offers a variety of games, apps, and venues to choose from, providing a source of revenue and jobs for the state while also offering fun and excitement for the people.
