North Carolina Set to Become Newest State to Legalize Online Sports Betting

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Legal online sports betting is coming to North Carolina.

North Carolina Senators voted in favor of the bill, 37-11, that will allow people in the state to wager on sports online last Thursday.

HB 347 then got passed along to the House, which approved the bill today with a 68-45 vote.

Governor Roy Cooper is expected to sign any sports legalization bill that comes along his desk, making online sports betting legal in North Carolina as soon as January 2024.

The law will go into effect on Jan. 8, 2024, but regulators will be the ones to set an actual launch date.

The bill will allow for 12 mobile licenses to sports betting operators, as well as eight in-person sportsbooks at various sports venues.

The venues are expected to be at the home of the Carolina Panthers, Carolina Hurricanes, Charlotte Hornets and NASCAR tracks, as well as PGA Tour course venues.

Last year, the sports betting bill fell a vote short in the House after passing the Senate. The bill was adjusted from a 14% tax rate to an 18% tax rate, which was one of the significant amendments allowing for the House to approve the law.

The other two major amendments included changing the launch date and banning operators from writing off promotional play.

The state expects to generate $10 million in revenue in the first year and as high as $100 million in revenue by year five.

The money that North Carolina accrues through taxing the sportsbooks is expected to be spread out towards gambling addiction services, youth sports, the North Carolina Heritage Advisory Council and collegiate athletic departments in the state.

North Carolina already has two in-person casinos with sports wagering at casinos owned by local tribes.

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