Starting Monday, March 11, users in North Carolina will now be able to register for sports betting accounts. There are eight eligible operators who will begin accepting new customers for online sports betting.
After 10 days, North Carolina's online sports betting will officially commence. However, starting today, individuals have the option to create sports betting accounts in North Carolina.
During the state's opening day, it is expected that all eight licensed operators will be prepared to start accepting bets.
Sports betting in North Carolina nears reality
The Lottery Commission of North Carolina has granted licenses to the operators and their partners listed below:
- David and Goliath: McConnell Golf
To obtain a license, every operator was required to team up with a North Carolina sports franchise, arena, or PGA Tour golf course.
Two indigenous groups have submitted requests for licenses to offer sports betting in the state. The Cherokee Tribal Casino Gaming Enterprise has formed a partnership with Caesars Sportsbook to provide online sports betting in the state.
The Catawba Two Kings Casino is still waiting for a license and has not yet revealed its chosen operating partner. Both tribes currently have physical sports betting options available at their individual casinos within the state.
Moroever, according to the North Carolina State Lottery Commission's chair, Ripley Rand, the issuance of the initial interactive sports wagering operator licenses is a significant step towards establishing lawful sports betting in North Carolina.
In a statement, Rand stated that 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.
With only 11 days left until the start of sports betting in North Carolina, the commission is committed to ensuring a successful launch by continuously working towards it.
History of sports betting in North Carolina
On June 14, 2023, the governor of North Carolina, Roy Cooper (D), officially approved the state's online sports betting bill, which has now become law. According to the law, the regulatory authorities in North Carolina were given a period of one year from the date of the bill being signed by Cooper to implement and launch sports betting.
The state has legalized in-person sports betting, but the bill broadens the scope of its availability. The launch date for brick-and-mortar sports betting in the state has yet to be determined. Eight facilities have been deemed eligible to host brick-and-mortar sportsbooks.
Sportsbooks will be permitted to operate at several locations in North Carolina, including the PNC Arena in Raleigh, WakeMed Soccer Park in Cary, Bank of America Stadium and Spectrum Center in Charlotte, Charlotte Motor Speedway in Concord, North Wilkesboro Speedway, and Sedgefield Country Club and Quail Hollow Country Club in Greensboro and Charlotte, respectively.
The new legislation for sports betting incorporates a tax rate of 18%, sanctions pari-mutuel betting on horse racing, and prohibits sports betting companies from deducting promotional bets from their total earnings.
It permits wagering on various types of sports such as professional and college sports (including local institutions), eSports, and the Olympic games.
According to the state's calculations, a tax rate of 18% will result in a total revenue of $22.1 million from sports wagering taxes and fees by the fiscal year 2023-2024, with an expected increase to $100.6 million by the fiscal year 2027-2028.
Distribution of revenue in sports betting
The distribution of tax revenues from sports betting in North Carolina will follow this structure:
- Each year, $2 million will be allocated for services to address gambling addiction and provide treatment.
- The Division of Parks and Recreation will receive $1 million every year to acquire sports equipment for youth.
- Seven state universities will receive $300,000 annually each for their athletic departments.
- The Outdoor Heritage Advisory Council will be granted $1 million yearly for distributing grants.
