North Carolina Sends Sports Betting Bill To GovernorState Expects $6.6 Billion In Handle |
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The state of North Carolina is on the verge of legalizing online sports gambling.
Legislation has cleared both the House and Senate in the state and now awaits a signature from Gov. Roy Cooper, who is expected to sign.
In June, the House passed the sports betting bill by a 69-44 vote, and the Senate passed it by a 37-11 vote.
The legislation authorizes, regulates, and taxes sports wagering in North Carolina. The Lottery Commission would be responsible for issuing licenses to involved parties and regulating sports wagering in North Carolina. At most 12 online sportsbooks could be approved.
A tax of 18% would be levied on each interactive sports wagering operator.
Sports wagering is not generally authorized in North Carolina. Only approved Indian lands are authorized to conduct sports wagering.
According to a fiscal analysis, total wagers from online and in-person betting would grow from approximately $3.9 billion in the first full year of operation to $6.6 billion in the third year of operation.
Furthermore, the bill authorizes and regulates pari-mutuel wagering on horse racing in North Carolina. The Lottery Commission would also be responsible for issuing licenses for pari-mutuel wagering.
The legislation allows the activity of live horse racing in North Carolina.
In addition, the bill creates and provides funding for the North Carolina Major Events, Games, and Attractions Fund, which the Department of Commerce would administer to provide grants for local governments or nonprofit entities working with local governments to attract major entertainment, musical, political, sporting, and theatrical events to the state to stimulate economic activity.
Bettors could place sports wagers anywhere in the state in an interactive account. However, interactive sports wagering operators must geolocate their sports bettors when the sports wager is initiated to determine that the sports bettor is in North Carolina and not on tribal lands.
More than 30 states in the U.S. have some form of legal sports betting.
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