North Carolina Set to Legalize Mobile Sports Betting

Governor Roy Cooper is getting ready to sign a bill enabling mobile sports betting in North Carolina, which is a historic development. House Bill 347, the relevant law, opens the door for the launch of mobile sports betting activities as early as January 8, subject to regulatory procedures and NC Lottery Commission preparations.

Licensing and Venue Opportunities

Twelve mobile sports operators will be qualified for five-year licenses that are renewable under the bill, allowing them to accept bets on professional, collegiate, Olympic, and other sports using cellphones and other electronic devices. These licenses will be granted for $1 million each. Additionally, North Carolina will join a rising trend after the significant 2018 U.S. Supreme Court ruling that permitted states to choose their position on sports betting by becoming the 28th state to authorize mobile sports betting.

Additionally, the law permits physical sports books at or close to eight specified venues around the state. These locations include the Bank of America Stadium and Spectrum Center in Charlotte, WakeMed Soccer Park in Cary, PNC Arena in Raleigh, Charlotte Motor Speedway in Concord, North Wilkesboro Speedway, Sedgefield Country Club in Greensboro, and Quail Hollow Country Club in Charlotte. The addition of physical sports books seeks to increase the allure of these locations and give visitors an improved sports experience.

Positive Economic Impact and Allocation of Funds

By the fifth year after going into business, North Carolina’s mobile sports betting sector is anticipated to provide around $100 million in tax revenue. The state will levy an 18% tax on operators’ gross gaming earnings. The measure specifies how these money will be distributed in detail, directing:

• The Department of Health and Human Services receives $2 million annually for initiatives that educate people about gambling addiction.
• Each year, North Carolina Amateur Sports receives $1 million in funding to increase the number of youth sports programs available to them.
• $300,000 was given to the sporting programs at several state colleges and universities.
• The North Carolina Heritage Advisory Council will get $1 million to help youth teams travel to tournaments and draw events to the state.
• The remaining funds will be split as follows: 50% will go to the state’s general fund, 30% will go to the North Carolina Major Events, Games and Attractions Fund, and 20% will go to college and university athletic departments.

With a frequency of no more than thrice per year, the Major Events, Games, and Attractions Fund will offer grants to bring thrilling entertainment, musical, political, sporting, and theatrical events to the state’s sports facilities and venues.