There are more betting options available to everyone living in the Tar Heel state. North Carolina Governor Roy Cooper signed HB 347 on June 14, which makes mobile sports betting legal.
Although North Carolina sports betting is already taking place, as explained by the governor, this law will allow the state to regulate it and protect people with gambling problems.
The new law sets a timeframe from January 8 to June 14, 2024, for mobile sportsbooks to start operating in North Carolina “Everybody wants to see it by the first of the year if at all possible,” Cooper said. “But the 12-month period exists to make sure everything is set up properly.”
Governor Cooper mentioned that the commission is already working hard to implement the new law, even though it’s a big task.
What Mobile Sports Betting in North Carolina Will Allow
Up to 12 mobile sports betting operators are permitted under HB 347. Once they launch, people will be able to bet on professional and college sports, including local teams. Betting on horse racing is also allowed.
The North Carolina Lottery Commission will be in charge of overseeing sports betting in the state.
Mobile And In-Person Sports Betting Will Meet
The new bill makes some changes to sports betting rules. Before this bill, only tribal casinos were allowed to have places where people could bet on sports in person. But now, the bill allows certain locations other than tribal casinos to have these places called retail sportsbooks.
The bill also says that there can be up to eight tethered licenses and four standalone mobile licenses. This means that specific locations can apply for licenses to have both in-person sportsbooks and online platforms for betting.
The designated locations include:
- Bank of America Stadium (Charlotte)
- Charlotte Motor Speedway
- North Wilkesboro Speedway
- PNC Arena in Raleigh
- Quail Hollow Country Club
- Sedgefield Country Club
- Spectrum Center (Charlotte)
- WakeMed Soccer Park (Cary)
Jeff Whitfield, President of the Charlotte Hornets, told WCNC news that they’re still sorting out the details, but welcomes the possibility of a sportsbook at the Spectrum Center.
It’s worth noting that four of the state’s eight betting locations will be near Charlotte – North Carolina’s biggest city.
Mobile Sports Betting Expected To Generate Big Money
As per the new mobile sports betting law, operators will be subjected to an 18% tax rate. Additionally, several public universities will be granted an annual sum of $300,000 derived from the license fees and taxes collected under this legislation.
The list of schools that will receive money is:
- UNC-Charlotte
- Appalachian State
- East Carolina University
- NC A&T University
- NC Central University
- UNC-Asheville
- UNC-Greensboro
- UNC-Pembroke
- UNC-Wilmington
- Western Carolina University
- Winston-Salem University
The bill also allocates $2 million to the NC Department of Health and Human Services, $1 million to North Carolina Amateur Sports, and $1 million to the North Carolina Heritage Advisory Council. Remaining proceeds will be distributed among other colleges (20%), the North Carolina Major Events, Games, and Attractions Fund (30%), and the General Fund (50%).
According to projections by WCNC, North Carolina could generate $100 million in tax revenue from sports gambling after its fifth year.
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