North Carolina is the latest state to consider legalizing sports betting. This is a state that already has a form of sports betting available. However, full-blown legalization could create a very competitive market for the state.
A pair of tribal casinos have begun offering retail sports betting in March. The downside is that this requires sports bettors to travel to those locations. Online sports betting is a growing trend in the United States, so North Carolina is looking to join the party.
The North Carolina legislature officially introduced Senate Bill 688 on Wednesday. The bill seeks to allow online sports betting throughout the state. There would be 10-12 online sports betting licenses available if this bill passes. This would create a very competitive and engaging market.
Senators Paul Lowe Jr. and Jim Perry introduced the bill. They have advocated for it to become law on October 1. North Carolina lawmakers are still in session until July 30, which will give them sufficient time for the bill’s progress.
The Eastern Band of Cherokee Indians were able to sign a new gaming compact with Governor Roy Cooper in July 2019. It gave them the power to offer retail betting in the state. It took nearly two years before they were officially approved to accept wagers. Lawmakers are hoping that online sports betting has a much quicker launch.
Cooper has expressed support for online sports betting to be legal in North Carolina. After all, the state is looking for new revenue sources. Legislators will likely amend the bill before it comes for a vote. Nevertheless, the bill’s consideration is a significant milestone for the future of North Carolina’s sports betting.
If passed, the North Carolina State Lottery Commission would oversee the new industry.
Details About Sports Betting Bill 688
SB 688 could turn North Carolina into a powerful, appealing sports betting market for both bettors and operators. One of the most attractive parts of this bill is that sports betting would be taxed at a rate of eight percent. It would be one of the lowest in the country.
If the legislature passes the bill, operators could accept bets on a variety of markets, including: professional, college, amateur, and e-sports events. Youth sports are the only major restriction that is included in the language of this bill.
The tribal casinos in North Carolina would be eligible to apply for an online sports betting license. This would not count against the total number allowed in the state. There is also hope to set up sportsbooks at the major stadiums in North Carolina, similarly to what other states have done.
Anyone wanting to apply for a sports betting license would be required to pay a flat fee of $500,000, along with other licensing fees. North Carolina will also be looking to attract major sporting events in the future. The bill would establish a fund for this purpose.