North Carolinians Soon to Get Sports Betting Access

In recent weeks, the North Carolina House of Representatives passed sports betting legislation in the form of HB 347. The bill was passed on to the Senate where it passed with changes that needed to be accepted by the House. By a vote of 68-45, it passed the House this week with changes and will now be sent to the desk of North Carolina Governor Roy Cooper. He is expected to sign the bill next week.

After three years of House and Senate floor battles, there was a sense of relief that something finally got done. According to Rep. Jason Saine, the bill's Author, in a PlayUSA interview:

"This has been a very intentional process spanning two sessions to get this bill right and passed. I think the strong bipartisan vote when it left the House initially really helped my Senate counterparts make the case for the bill there. Sens. [Jim] Perry and [Tim] Moffitt did a great job on the Senate side and worked to get horse wagering included.”

At the moment and assuming Gov. Cooper gives the green light, it seems reasonable to assume that North Carolina residents could be betting on sports at some point during the first half of 2024. Given that North Carolina is very much a college basketball state, a good launching point would be prior to the start of the 2024 March Madness NCAA Basketball Tournament. North Carolina Tar Heels and Duke Blue Devils fans will be waiting in the wings.

The Devel is in the Details

While the details of the bill have been fluid in recent reportings, everything is settled now. Here is a look at some of the sports betting bill's key provisions:

• The North Carolina Lottery Commission (NCLC) will serve as the state's sports betting regulatory body, overseeing licensing and regulations
  
• The state can issue up to two (2) sports betting licenses to Tribal concerns and up to twelve (12) for commercial organizations
  
• Online sports betting licenses will be issued for five (5) years at a cost of $1,000,000 per
  
• The applicable tax rate will be set at 18% on gross sports betting revenue
  
• The two (2) Tribal licenses will be awarded to the Eastern Band of Cherokee Indians and Catawba Indian Nation
  
• With the exception of Tribal operators, licensed mobile operators will be required to use geo-tracking software to confirm gambler locations (must be in-state)
  
• Wagering will be permitted on in-state college sports
  
• Other license fees have been set as follows: Service providers pay $50,000 and suppliers will pay $30,000
  
• Parimutual wagering will be permitted with the applicable tax rate set at 1% of all wagers
  

It's worth noting that online sports betting operators are being encouraged to establish partnerships with the owners of the state's top sports venues. That would include:

• Bank of America Stadium (Carolina Panthers and Charlotte FC)
  
• PNC Arena (Carolina Hurricanes)
  
• Quail Hollow Club (PGA Tour)
  
• Spectrum Center (Charlotte Hornets)