In a significant move for the sports and gaming industry in North Carolina, residents of the state are set to welcome the advent of online sports betting. From March 11, enthusiasts will have the opportunity to register for sports betting accounts, marking a pivotal change in the landscape of sports wagering in the region.
Operators Ready for Launch
With eight operators receiving the green light to accept new customers, the stage is set for the official launch of online sports betting, which is scheduled to kick off 10 days following the initial registration date. These operators, licensed by the Lottery Commission of North Carolina, have meticulously established partnerships with local sports franchises, arenas, or PGA Tour golf courses to ensure a comprehensive and seamless betting experience. The licenses awarded to these entities represent a crucial stride toward the legalization and orderly execution of sports betting in the state.
Tribal Casinos Join the Fray
Additionally, the Cherokee Tribal Casino Gaming Enterprise, in collaboration with Caesars Sportsbook, is anticipating its foray into online betting, further expanding the reach and appeal of sports wagering. While the Catawba Two Kings Casino is still in the process of obtaining a license and has yet to announce a partnership, both tribes have previously ventured into physical sports betting at their respective casinos. This inclusive approach not only enriches the betting landscape but also nurtures the economic prospects of indigenous groups within the state.
Chronology and Regulatory Framework
The anticipation has been building since Roy Cooper, the Governor of North Carolina, signed the online sports betting bill into law on June 14, 2023. Tasked with a yearlong deadline to roll out sports betting effectively, regulators have worked diligently to set the wheels in motion. Although the state has previously sanctioned in-person sports betting, this bill significantly broadens the scope, allowing for online ventures and, eventually, the establishment of physical sportsbooks at designated facilities. While the date for the commencement of physical sports betting remains under wraps, the prospects it heralds are undeniable.
Economic Implications
Under the new sports betting law, a tax rate of 18% has been imposed, outlining specific regulations concerning the types of bets permissible. This includes wagering on professional sports, collegiate sports, eSports, and Olympic events. Economically, the move is poised to generate substantial revenue for the state, with projections estimating $22.1 million by the fiscal year 2023-2024 and an impressive escalation to $100.6 million by the fiscal year 2027-2028. The tax revenue accrued from sports betting is earmarked for a variety of public services, including annual allocations for gambling addiction services, youth sports equipment, contributions to the athletic departments of seven state universities, and funding for the Outdoor Heritage Advisory Council.
A Responsible Outlook
Ripley Rand, reflecting on the significance of this development, emphasized the meticulous effort that has gone into ensuring a lawful and regulated framework for sports betting in North Carolina. “The issuance of the initial interactive sports wagering operator licenses is a significant step towards establishing lawful sports betting in North Carolina," Rand stated. This sentiment underscores the broader objectives of ensuring that residents can engage in sports betting securely and responsibly. “North Carolinians can now register for mobile accounts with the assurance that they will soon be able to securely and responsibly place bets on their preferred sports events," Rand added, highlighting the dual focus on entertainment and accountability.
As North Carolina stands on the brink of a new era in sports betting, the collective efforts of regulators, operators, and stakeholders aim to cultivate a vibrant, responsible, and economically beneficial landscape for sports wagering. With the foundational steps firmly in place, the state looks forward to reaping the social and economic benefits of this pioneering legislative move.