North Carolina to launch regulated sports betting market by 2024

North Carolina’s Governor Roy Cooper has signed into law legislation which could see the Tar Heel State launch its regulated sportsbook market by January 2024.

Cooper signed the Sports Wagering Act into law at a glitzy ceremony at the Spectrum Center, home of the Charlotte Hornets – one of the teams likely to benefit from the expansion of sports betting into the state.

At the signing, Cooper said: “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.

“This is a historic moment for the state of North Carolina, and this will benefit our economy for generations to come,” the North Carolina legislator added.

The Hornets owners Hornet Sports & Entertainment (HSE) were among a number of industry stakeholders to welcome the passage of the act into law, hailing the contribution of legislators in both House and Senate for their contribution.

“Today is a very exciting day for sports fans across the state of North Carolina. We are honored that Governor Cooper chose to sign today’s historic sports wagering legislation at Spectrum Center, and we thank him for his leadership regarding this issue,” HSE said in a statement.

“We also would like to thank the members of the North Carolina House and Senate for their vision, effort and support throughout the process. This legislation provides fans another exciting opportunity to engage with their favorite sports,” it added.

The act calls for the launch of sports betting no earlier than January 8, but gives the North Carolina Lottery Commission up to a year to put in place the regulations and licensing framework required to operate the regulated market if required.

Discussing the task ahead, Cooper suggested these plans were already proceeding. “The North Carolina Lottery Commission is hard at work now beginning the process of implementation of this legislation,” he explained.

“It is a mammoth job, but they are working very hard and look forward to additional help from everybody to make sure that this works,” he added.

The legislation allows for up to 14 licensed operators, with operator licenses costing $1m each, with a validity period of five years.

Two of these licenses have been promised exclusively to two federally recognized North Carolina Indian tribes — the Eastern Band of Cherokee Indians and Catawba Indian Nation.

Supplier licenses start at $30,000, rising to $50,000 for sports betting service providers.

Bricks and mortar sportsbooks will be allowed at “places of public accommodation” such as on the site of a stadium or arena in the state, or within a one-and-a-half-mile area around the facility.

These bricks-and-mortar sportsbooks are limited to accepting cash bets only.

Parimutuel betting on horseracing is included with operators taxed at a rate of 1% of the total parimutuel wagers placed.

North Carolina licensed operators will be taxed at a rate of 18%, with initial state estimates suggesting more than $22m in tax revenue during the first year of operation, rising to over $100m by fiscal year 2027-28.

Betting on professional sports and college sports, inclusive of betting on in-state colleges, would be allowed under the bill. Other sports include the Olympic Games, as well as betting on esports.

Retail betting has been permitted in the Tar Heel State for a number of years now, with the caveat that bettors could only place bets at three tribal casinos in the state, a market which is now expanded with the passage of the act.