North Carolina is officially legalizing sports betting

Fans Get Ready for Legal Online Betting Laws & Regulations

North Carolina Sports Fans Get Ready for Legal Online Betting

By Lisa Spencer Senior Editor Updated: 21 June 2023

Lisa Spencer Senior Editor

As a Senior Editor at Betting.US, Lisa Spencer is a valuable member of our expert team. With a Master’s degree in Applied Mathematics, Lisa is adept in gambling theory and analyzing odds. She contributes by writing online sportsbook reviews and finding competitive markets to help our readers make an informed choice.

See Full Bio

There was some good news for sports fans in North Carolina earlier this month after final approval was given by legislators to approve online sports betting in the state.

Bill 347 was passed over to the state governor, Roy Cooper, to be signed into law, and it means that online sports betting could go live in North Carolina by early January, although it could happen at any time within the deadline of one year, which has been set by lawmakers.

The bill will allow sports fans to bet on professional sports, college sports, and horse racing on mobile platforms. In addition, the bill permits in-person betting at eight specified venues in North Carolina. According to reports, a dozen mobile sports betting operators will receive 5-year licenses on a renewable basis, and these will come with a price tag of $1 million each.

It was further revealed that mobile sports betting operators will be expected to pay state taxes on gross gaming revenue at a rate of 18 percent.

Difference in Opinions Over Possible Launch Date

There has been a difference in opinions over the push to get sports betting in the state launched as soon as possible.

The state governor is in support of legal sports betting, and a spokesperson highlighted this fact recently. He said that Governor Cooper believed that:

…taxpayers should benefit from sports wagering, which is already occurring, and this legislation provides a way for that to happen within the bounds of the law. Additional work needs to be done to make sure the NC Lottery Commission has what it needs to set up and regulate this industry.

Lottery officials have also said that they will be working as hard as possible to ensure sports betting can be launched as soon as possible. While the state has a deadline of a year, it could be as soon as January 8th when it goes live.

However, others have said that the January date does not provide the state with enough time to get all regulations and framework into place.

A Host of Benefits for the State

Once mobile sports betting does go live in North Carolina, the state stands to benefit in a variety of ways. One of the key benefits will be in terms of boosting state finances, which will receive a valuable income boost from the 18 percent taxation of sports betting companies’ gross gaming revenue.

Some believe that sports betting in the state could result in tax revenues of $100 million within the first five years. This was described as a valuable new revenue stream by some officials, with many having already seen how other states that have legalized sports betting have benefitted.

Another of the key benefits will be for the many sports fans across the state, as they will now be able to enjoy placing bets in their home state. Many have been disappointed by the failure to legalize sports betting in the past and will now be looking forward to the eventual legalization of this activity.