North Carolina Sports Betting: How does it benefit the state?

In 2023, a North Carolina sports betting law was signed into action. North Carolina Governor Roy Cooper signed HB 347 into law on June 14, 2023. The bill received significant support in the house, garnering a vote of 37-11. We want to answer some questions: When will Online Sports Betting be launched in North Carolina? What benefits does it bring to the State? Let's examine the effects of legalizing online gambling within the state.

When will Online Sports Betting be launched in North Carolina?

Currently, there is no specific date set for the initiation of North Carolina sports betting. Governor Roy Cooper has mentioned that the North Carolina Lottery Commission aims to begin operations before the start of March Madness. This NCAA Tournament begins in mid-March after Selection Sunday on March 17th. State authorities are in the process of completing the regulations and licensing requirements for betting, which will determine the exact date when sports betting will be launched.

What benefits does it bring to the State?

The legalization of sports betting in North Carolina is set to bring numerous benefits. With sports betting already a reality in 35 states, including Washington, D.C., North Carolina joins the movement that has seen positive outcomes. Of these, 26 states and D.C. have successfully implemented mobile sports betting, enhancing accessibility and convenience. North Carolina and other states are on the cusp of introducing their own online sports betting platforms. This development promises to open up exciting opportunities and advantages for the state. Let's delve into the potential positive impacts of North Carolina's move to legalize online sports betting.

State Revenue from Sports Betting

A major advantage of sports betting is the potential to generate substantial revenue and tax income. This is a key issue in the debates and deliberations among state committees responsible for establishing sports betting regulations. The amount of tax revenue a state can accumulate depends on the final tax rates set. Sports betting wagers contribute significantly to each state's tax collections.

Take North Carolina as an example: the state imposes an 18% tax on gross sports wagering revenue. While this may appear insignificant at first, the numbers are expected to rise rapidly. Projections indicate that, by the fifth year following the implementation of sports betting regulations, North Carolina could amass over $500 million in tax revenue. This income will be distributed throughout the North Carolina community.

Support for College and Youth Sports and Additional Initiatives

The recently enacted sports legislation in the state, HB 347, features a section dedicated to yearly contributions for North Carolina Amateur Sports. From the tax revenue generated by betting, $1 million is earmarked annually for youth sports to enhance facilities and leagues, fostering more opportunities for young athletes in North Carolina.

Furthermore, $1 million per annum is allocated to the North Carolina Outdoor Heritage Advisory Council. This funding will be utilized for grants aiding in sports travel expenses and might also attract more sports events to the state, boosting its revenue.

In addition, thirteen universities in North Carolina will receive benefits from this tax revenue. Each institution is eligible for a maximum of $300,000 annually, directed to their athletic departments. The universities receiving these funds are:

• Appalachian State
• East Carolina
• Elizabeth City State
• Fayetteville State
• NC Agricultural & Technical State
• NC Central
• North Carolina at Asheville
• North Carolina at Charlotte
• North Carolina at Greensboro
• North Carolina at Pembroke
• North Carolina at Wilmington
• Western Carolina
• Winston-Salem State

Moreover, the bill stipulates an annual allocation of $2 million to the Department of Health and Human Services. This funding is intended for gambling addiction services and treatment programs, aiming to promote responsible sports betting within the North Carolina community and prevent gambling-related issues.

The North Carolina sports betting law, signed by Governor Cooper, is set to bring significant benefits to the state. However, the exact launch date for online sports betting is not yet determined. This move is expected to generate substantial revenue, bringing some benefits such as State revenue enhancement, support for sports and youth and even jobs. Also, there will be many North Carolina sportsbook promotions available for players. Online betting will make the experience more exciting for everyone in the Bay State.

Overall, the launch of online sports betting in North Carolina is expected to open up new economic opportunities and support various community programs.

Key Facts about Sports Betting in North Carolina