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North Carolina joined Vermont in legalizing sports betting within the state on Wednesday. House Bill 347 was easily passed in the state Senate, and Governor Roy Cooper did not hesitate to sign it into law. A big motivation to get the bill passed was the millions of dollars pouring over state lines where sports betting was legal.
Cooper believes this new revenue stream will have far-reaching benefits for the Tar Heel state. “ It’s going to go to universities and their athletic departments,” Cooper said after signing the bill, “it’s going to go to a fund that’s going to help to attract business and tourists to North Carolina and help with major sporting events.”
HB 347, otherwise knowns as the Sports Wagering Bill, has made online and retail betting legal within the state. They will allow for betting on pro and college sports and pari-mutuel betting for horse racing. The law allows up to 12 online sportsbooks to operate in the state and eight new retail locations. Those eight new locations will be in addition two the three current retail sportsbooks, all of which are in tribal casinos.
The law allows the state to set an 18% tax on gross revenue from all operators, which will be one of the highest in the country. With eight more retail locations and up to 12 online sportsbooks, that is going to bring a lot of money into the state. Sports bettors will have their winnings taxed at 6%.
One of the reasons for the high rate is North Carolina’s focus on funding problem gamblsping resources. Those programs and their school systems will take most of the funds, while the rest will focus on attracting tourism and businesses to the state.
While bettors can continue to visit the state’s existing three retail sportsbooks, launching online sports betting in the state will take some time. North Carolina will likely ask for operators to submit proposals next month. Once approved, those operators will begin on a launch plan and begin marketing in the state. Assuming there are no delays, the earliest sports betting could go live is in January 2024.
AUTHOR
Michael Savio
467 Articles
Michael is an avid sports fan and a veteran bettor from Milwaukee. He learned the trade from his grandfather in Las Vegas as a kid and has turned that into a successful career. He cheers for all Wisconsin pro teams along with his Alma Mater Arizona State. He specializes in baseball betting, but has experience in football, basketball, and hockey as well. When he isn’t pouring over stats, he’s spending time with his two young children.
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