North Carolina Sports Betting to Launch Within One Year

It was almost three years in the making. In a ceremony at the Spectrum Center in Charlotte North Carolina, NC Governor Roy Cooper affixed his signature to HB 347, the state's sports betting legislation. From the moment the inked dried, the clock toward the sports betting launch in the state officially started ticking. After the signing, Gov. Cooper told reporters:

“Let’s face it, sports wagering already is happening in our state. Surrounding states here and across the country are already taking advantage. … This legislation allows the state of North Carolina to regulate it and to put safeguards on it, as well as provide funding for helping people with problem gambling.”

When Sports Betting is Expected to Formally Launch

North Carolinians love their sports teams. They love and fully support the Duke Blue Devils, NC State Wolfpack, and the North Carolina Tar Heels in all sports. They also love their Carolina Panthers (NFL), Charlotte Hornets (NBA), and Carolina Hurricanes (NHL). With the signing of HB 347, sports fans can finally start thinking about legally wagering on their favorite teams. When?

Based on language found in the sports betting legislation, the earliest date of launch would be January 8, 2024. Based on a one-year clock, the latest possible launch date would be June 14, 2024. While either date would be fine with sports bettors who have already waited a lifetime to legally bet on sports from home, it's a good guess that a March 1, 2024 launch date would be preferable. Why?

It just so happens that the end of the NCAA college basketball season and the annual Match Madness NCAA Basketball Tournament fall within that month. Given the likelihood that Duke, NC Stare, And North Carolina will be prominently playing at the time, sports bettors will be chomping at the bit to start betting. It's also a good bet that sports betting operators are feeling the same way.

Details Behind HB 347

With HB 347 officially signed into law, it would seem prudent to review the provisions of the law one more time for interested parties. Here is a look at the key details:

• A total of 14 licenses can be issued by the North Carolina Lottery Commission with 12 going to commercial operators and 2 going to the state's two most prominent Indian Tribes
  
• Each commercial operator will have to pay a license fee of $1 million every five years.
  
• LIcense fees for service providers and suppliers will be $50K and $30K respectively every five years
  
• The applicable tax rate on gross sports betting revenue is set at 18%
  
• Paramutual wagering will be permitted with a 1% tax rate on every dollar wagered
  
• Wagering on in-state college teams will be allowed
  
• The state's professional sports franchises will be allowed to partner with commercial sports betting operators
  
• Commercial operators must use ge-tracking software to ensure all wagers are made from within the state
  

In the coming months, the North Carolina Lottery Commission is expected to give updates regarding progress toward the actual launch.