The rules are now in place. But a launch date is still up in the air when it comes to online sports betting in the Tar Heel State. Let’s go through the main points and see how this changes the panorama for online sportsbooks.
Regulatory Approval and Key Points
The North Carolina Lottery Commission has given the green light to several regulations concerning online sports betting in the state.
Here are some key points:
- Advertising by NC online sportsbooks is not allowed for individuals under 21 years old.
- Operators cannot label promotions in North Carolina as “risk-free” if bettors face any financial risk.
- Unlike previous rules, sports venues in the state can now display branding for NC online sportsbooks.
The commission removed the affiliate rule because the staff needed more time to examine the issue. They also made some other small changes, like getting rid of the rule that banned sportsbook operators from securing naming rights for stadiums.
Last month, they put together the initial set of rules. And just like the affiliate rule, they took out a rule about daily fantasy sports to smooth out the process and speed up the launch of sports betting.
No Launch Date Set… Yet
But that’s the big question. When will online sports betting start in North Carolina?
Although the launch will not happen before the Super Bowl is played in February, a late first-quarter launch date is still a possibility.
The launch date might be revealed after the application deadline on December 27. According to industry insiders, there’s a strong expectation that the rollout will occur in time for March Madness betting. Regardless, sports betting must launch by June 14, 2024, in North Carolina, according to state law.
Online Sports Betting Application Process Now The Focus
Now that the rules are in place, regulators can turn their attention to the application process.
Since setting the December 27th deadline, a total of 11 sportsbooks have submitted their applications for a sports betting license in North Carolina. It typically takes about 60 days for the committee to approve. Operators are required to pay a $50,000 licensing fee to secure their Service Provider License.
There are already three operators who are ready to roll and have a partner.
FanDuel, which recently partnered with the PGA Tour in North Carolina, will be one of the available options when the state officially starts its sports betting operations in 2024.
Bet365 was the first to partner in North Carolina through a deal with the Charlotte Hornets, followed by ESPN Bet powered by Penn, which partnered with Quail Hollow Club.
Anticipations are high that other well-known brands like DraftKings, BetMGM, and Caesars will also enter the North Carolina sports betting scene.
Online Sports Betting is Imminent in North Carolina
Estimates suggest that the state could collect around $100 million in taxes from sports betting within its fifth year. The money will contribute to the state’s general fund, support gambling addiction education, and benefit athletic departments at state universities.
In June, Governor Cooper emphasized the positive impact of sports on entertainment, culture, and the economy, stating, “Not only is sports good for entertainment and culture, but it also helps grow our economy significantly.”
So, it seems like everything is moving in the right direction. Now, it’s up to the committee to get through the approval process and finalize the rules before an online launch.
Bookmakers Review will continue to monitor the developments and provide updates as we get them.
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