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North Carolina Professional Sports Celebrate Online Sports Betting Legalization

North Carolina Professional Sports Celebrate Online Sports Betting Legalization

  • Following Gov. Roy Cooper signing an expansive sports betting bill into law, North Carolina franchises celebrated the gambling expansion
  • Eight arenas and stadiums in the state will be able to host sportsbooks
  • Online sports betting will launch no later than June 2024 in the state.

It’s been nearly two years of debate and discussion, so please pardon the excitement of North Carolina sports representatives as they watched Gov. Roy Cooper (D) usher North Carolina sports betting into law this morning.

Gov. Cooper signed HB 347 into law this morning at the Spectrum Center, home of the Charlotte Hornets, ushering in a new age of sports betting for the Tar Heel State.

While brick-and-mortar sports betting has been legal in the state since 2019, this new bill legalizes online sports betting and additional retail sportsbook locations through eight “places of public accommodation” in North Carolina.

Professional Sports Teams Will Be Heavily Involved

The newly signed bill, HB 347, legalizes 12 online sports betting licenses and allows brick-and-mortar sportsbooks at eight “places of public accommodation” throughout the state.

The eight facilities eligible to host brick-and-mortar sportsbooks are PNC Arena in Raleigh, WakeMed Soccer Park in Cary, Bank of America Stadium and Spectrum Center in Charlotte, Charlotte Motor Speedway in Concord, North Wilkesboro Speedway, Sedgefield Country Club in Greensboro and Quail Hollow Country Club in Charlotte.

Each of the licensed facilities will be allowed to partner with up to one online sports betting operator.

While plans for specific team sportsbooks have yet to be revealed, most teams in the Tar Heel State were excited at the prospect of bringing online and retail sports betting to their fans.

Hornets Sports & Entertainment released a statement this afternoon thanking Gov. Cooper for signing the bill in their home arena.

“Today is a very exciting day for sports fans across the state of North Carolina. We are honored that Governor Cooper chose to sign today’s historic sports wagering legislation at Spectrum Center, and we thank him for his leadership regarding this issue. We also would like to thank the members of the North Carolina House and Senate for their vision, effort and support throughout the process. This legislation provides fans another exciting opportunity to engage with their favorite sports.”

New Entertainment Options for Fans

While sports betting will unlikely be a huge new revenue stream for North Carolina sports franchises, most team representatives acknowledged the added entertainment value sports betting will bring to their fans.

A spokesperson for Tepper Sports & Entertainment, which represents the NFL’s Carolina Panthers, told Sports Betting Dime that sports betting that the franchise hoped to thank the Governor and Assembly for its hard work in legalizing the bill.

“We are thankful for the collaborative effort and support of the Governor, North Carolina General Assembly and all those involved in getting this bill passed. This represents a great entertainment option for our fans,” the spokesperson told SBD.

Don Waddell, President and General Manager of the NHL’s Carolina Hurricanes, issued a statement to the press this afternoon.

Waddell lauded the “hard work by lawmakers from both sides of the aisle” to get the bill across the finish line and confirmed that PNC Arena has plans to construct a “world-class sports-wagering facility.”

“We will now have the opportunity to build a world-class sports-wagering facility to expand the entertainment options around PNC Arena. Our plans will also include and restaurant and bar available to fans every day, helping to spur additional development in and around the arena district,” he said in the statement.

The North Carolina Courage, a franchise for the National Women’s Soccer League, took to Twitter to issue their statement on the bill’s passage. The Courage play their matches at WakeMed Soccer Park, which will be eligible for an in-person sportsbook. The franchise will be able to partner with an online sports betting operator as well.

North Carolina Sports Betting Details

The sports betting bill includes an 18% sports betting tax rate, legalizes pari-mutuel wagering on horse racing, and disallows sports betting operators to deduct promotional bets from their gross revenues. It allows allows bets on professional sports, college sports (including in-state schools), eSports, and the Olympic games.

At an 18% tax rate, the state estimates $22.1 million in total sports wagering tax and fee revenue by FY 2023-2024, which increases to $100.6 million by FY 2027-28.

North Carolina sports betting tax revenues will be distributed as follows:

  • $2 million annually for gambling addiction and treatment services
  • $1 million annually to Division of Parks and Recreation for the purchase of youth sports equipment
  • $300,000 each annually to seven state universities for their athletic departments
  • $1 million annually to Outdoor Heritage Advisory Council for grants

If there is any remaining revenue, it will be distributed as follows:

  • 20% to 13 historically black colleges and universities for their athletic departments
  • 30% to a fund to attract major sporting events to the state (Super Bowl, March Madness, etc.)
  • 50% to the state’s general fund

Online sports betting licenses will cost $1 million for five years.

The post North Carolina Professional Sports Celebrate Online Sports Betting Legalization appeared first on Sports Betting Dime.

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