North Carolina is one of the latest states to join the online sports betting market in the US. The state legalized online sports betting in June 2023, but it took about nine months to implement the law and launch the first online sportsbooks. On March 11, 2024, at noon ET, North Carolina residents over the age of 21 were able to place their first legal bets. These are placed through their computers or mobile devices.
North Carolina’s Journey to Online Sportsbook Launch
This is a significant milestone for the state, which has a long history of opposition to gambling expansion. Until recently, the only legal forms of gambling in North Carolina were the lottery and two tribal casinos. These were operated by the Eastern Band of Cherokee Indians and the Catawba Indian Nation. The tribal casinos were also the only venues that offered in-person sports betting since 2019.
However, the demand for online sports betting was too strong to ignore, especially after neighboring states like Tennessee and Virginia launched their own online sports betting markets. North Carolina lawmakers saw an opportunity to generate more revenue for the state and provide more options for sports fans. They passed House Bill 347 in June 2023, which authorized up to eight retail sportsbooks and up to 12 online sportsbooks to operate in the state.
The Role of the North Carolina Lottery Commission
The North Carolina Lottery Commission was tasked with regulating the online sports betting industry and issuing licenses to qualified operators. The commission approved six online sportsbooks to launch on March 11, 2024: DraftKings, FanDuel, BetMGM, Caesars, Bet365, and Fanatics. These are some of the most popular and reputable online sportsbooks in the US, offering a wide range of betting markets, competitive odds, generous bonuses, and user-friendly platforms.
North Carolina sports bettors can now enjoy the convenience and excitement of betting on their favorite teams and events from anywhere within the state borders. They can also take advantage of various promotions and offers from online sportsbooks, such as welcome bonuses, free bets, risk-free bets, odds boosts, and loyalty programs. Some of these offers are exclusive to North Carolina residents who sign up early or bet on launch day.
The Financial Benefits of Online Sports Betting for North Carolina
Online sports betting is expected to be a huge success in North Carolina, given the state’s large population and avid sports fan base. The state is home to several professional and college teams that attract a lot of betting interest, such as the Carolina Panthers (NFL), the Charlotte Hornets (NBA), the Carolina Hurricanes (NHL), Duke University (NCAA) and North Carolina University (NCAA). The state also hosts some of the most prestigious sporting events in the country, such as the NASCAR Coca-Cola 600 and the PGA Wells Fargo Championship.
Potential Expansion into Other Forms of Online Gambling in North Carolina
Online sports betting is not only a new source of entertainment for North Carolina residents, but also a new source of revenue for the state. The online sportsbooks are required to pay an 8% tax on their gross gaming revenue. These will go to various public funds and programs. According to some estimates, online sports betting could generate up to $50 million in annual tax revenue for North Carolina.
Online sportsbook registration marks the beginning of a new relationship between gambling and North Carolina. It is also a potential steppingstone for further gambling expansion in the future, such as online casino gaming or online poker. These forms of online gambling are still illegal in North Carolina and face strong opposition from some lawmakers and groups. They could become more feasible if online sports betting proves to be successful and beneficial for the state.
