As North Carolina embarks on a new era of legalized online sports betting, the state marks a significant milestone with the announcement that residents can start registering for sports betting accounts beginning March 11. This development follows the June 14, 2023, approval of the online sports betting bill by Governor Roy Cooper, setting the legislative framework for operators and bettors in the Tar Heel State.
Eight Operators at the Starting Line
With the regulatory groundwork laid, eight licensed operators are poised to accept new customers for online sports betting in North Carolina. The official kickoff for online betting is slated for 10 days post-registration opening, with all eight operators expected to commence operations on the opening day. These operators, duly licensed by the Lottery Commission of North Carolina, represent a blend of national and local interests, each partnering with a local sports franchise, an arena, or a PGA Tour golf course to solidify their presence within the state.
Indigenous Groups Enter the Fray
Adding to the diverse lineup of operators are two indigenous groups who have applied for licenses to offer sports betting, aligning themselves with the state's new regulatory framework. The Cherokee Tribal Casino Gaming Enterprise, in a strategic partnership with Caesars Sportsbook, is gearing up for online betting. Meanwhile, the Catawba Two Kings Casino, though still awaiting its license, is expected to announce its partnership soon. Both tribes currently offer physical sports betting at their casinos, underscoring their long-standing involvement in the gaming industry.
Regulatory Milestones and Public Benefits
The issuance of licenses is not merely a procedural step; it represents a major advancement towards lawful and regulated sports betting in North Carolina. As highlighted by Ripley Rand, this move is instrumental in establishing a safe and responsible sports betting ecosystem. This regulatory milestone allows North Carolinians to register for mobile betting accounts with confidence, anticipating the opportunity to engage securely in wagering on their favored sports events.
The state's sports betting law, accentuating both in-person and online betting, imposes an 18% tax rate on the industry and stipulates clear guidelines on permissible betting types. Bettors can place wagers on a broad spectrum of events including professional, college, eSports, and Olympic games. Expected to generate $22.1 million in tax revenue by the fiscal year 2023-2024, the burgeoning industry projects a significant increase to $100.6 million by the fiscal year 2027-2028. These revenues will be channeled towards various public services, contributing $2 million annually to gambling addiction services, $1 million annually to youth sports equipment, $300,000 annually to each of seven state universities' athletic departments, and $1 million annually to the Outdoor Heritage Advisory Council.
Looking Ahead
As North Carolina steps into the spotlight of online sports betting, the anticipatory buzz among sports enthusiasts and bettors is palpable. With a meticulously outlined regulatory landscape and a diverse array of operators, the state is poised to offer a vibrant and dynamic betting environment. This groundbreaking initiative not only solidifies North Carolina's position on the map of states embracing sports betting but also prepares the ground for substantial economic benefits and an enhanced sports viewing experience for its residents. The days leading up to the official launch are filled with excitement, as the state gears up to welcome a new chapter in sports entertainment and public service funding.