The post North Carolina Gov. Roy Cooper Signs Mobile Sports Wagering Bill appeared first on SportsHandle.
North Carolina Gov. Roy Cooper put pen to paper Wednesday, signing HB 347 into law and officially legalizing mobile sports betting in the Tar Heel State.
“Let’s face it, sports wagering is already happening in our state … this legislation allows the state of North Carolina to regulate it and to put safeguards on it as well as providing funding for helping people with problem gambling,” Cooper said at a press conference Wednesday.
The legislation calls for mobile sportsbooks to go live in North Carolina between Jan. 8 and June 14, 2024. Once live, customers will be able to wager on professional and collegiate sports without any restrictions on in-state colleges. Parimutuel betting on horse racing is also allowed.
The North Carolina Lottery Commission will act as the state’s sports betting regulator.
“The North Carolina Lottery Commission is hard at work now beginning the process of implementation of this legislation,” Cooper said. “It is a mammoth job, but they are working very hard.”
Bill breakdown
HB 347 allows for up to 12 mobile sports betting operators. The bill expands retail sports betting, allowing for certain locations to have retail sportsbooks. Prior to the bill’s signature, retail sports wagering was only permitted at tribal casinos.
The bill allows for up to eight tethered licenses and four standalone mobile licenses. The designated locations that can apply for both retail sportsbooks and digital platforms:
- Bank of America Stadium (Charlotte)
- Charlotte Motor Speedway
- North Wilkesboro Speedway
- PNC Arena in Raleigh
- Quail Hollow Country Club
- Sedgefield Country Club
- Spectrum Center (Charlotte)
- WakeMed Soccer Park (Cary)
Cooper signed the bill Wednesday inside the Spectrum Center, home of the NBA’s Charlotte Hornets.
“This legislation will help these professional teams to grow even more and to thrive and [to attract] more of them,” Cooper said. “We’ve still got some holes we need to fill in the professional sporting arena.”
Adjusted gross revenue generated by sportsbooks will be taxed at 18%, and operators won’t be allowed to deduct promotional play from their taxable revenue.
Tax revenue generated from sports wagering will be distributed to a wide number of different entities. $2 million goes to the Department of Health and Human Services for problem gambling treatment and educational measures. $1 million goes to North Carolina Amateur Sports, offering local governments a chance to boost youth participation in sports. Another $1 million goes to the North Carolina Heritage Advisory Council.
Several legislators pushed the idea of distributing tax revenue to college athletic departments in the state, and those ideas were approved. Thirteen universities (Appalachian State, East Carolina, Elizabeth City State, Fayetteville State, North Carolina A&T, North Carolina Central, UNC-Asheville, UNC-Charlotte, UNC-Greensboro, UNC-Pembroke, UNC-Wilmington, Western Carolina, and Winston-Salem State) will receive $300,000 annually for their athletic departments.
Remaining proceeds will be distributed among those respective colleges (20%), the North Carolina Major Events, Games, and Attractions Fund (30%), and the General Fund (50%).
Regional and national perspective
With North Carolina legalizing online sports betting and Vermont expected to legalize mobile sports betting Wednesday as well, 29 U.S. states and jurisdictions (including Washington, D.C.) allow for mobile sports wagering. North Carolina and Vermont join Kentucky as the three states to legalize mobile sports wagering in 2023.
A pair of North Carolina’s neighboring states, Tennessee and Virginia, have legal mobile sports betting. Tennessee has a mobile-only sports betting system, while Virginia allows sports wagering at casinos and online. North Carolina’s neighbor to the south, South Carolina, does not have any legal sports betting.
Sports betting legalization proponents in North Carolina cited revenue creation in Tennessee and Virginia as reasons to bring legal mobile betting to the Tar Heel State.
The post North Carolina Gov. Roy Cooper Signs Mobile Sports Wagering Bill appeared first on SportsHandle.
