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North Carolina is Next In Line to Legalize Online Sports Betting

by Dave Schwab - 6/12/2023

Drake Maye UNC Tar Heels

Retail sports betting was legal in North Carolina, but sportsbooks were only at three tribal casinos in the state. HB 347 expanded legal sports betting to commercial sportsbooks both in online betting sites and in retail sportsbook establishments, including Bank of America Stadium in Charlotte and PNC Arena in Raleigh. HB 347 also includes retail and online horse race betting throughout the state.

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North Carolina Governor Roy Cooper is expected to sign HB 347 into law and legal retail and online sportsbooks are slated to launch after Jan. 8, 2024. The state’s lottery commission oversees sports betting regulations and the licensing of North Carolina sportsbooks. The NFL’s 2024 Super Bowl is a target as a signature sporting event in the yearly calendar.

Neighboring states of Virginia and Tennessee have online sports betting throughout their borders and GeoComply data suggests there is strong interest in the Tar Heel State for legal sports betting. John Pappas is the senior vice president of government and public affairs at GeoComply. In a recent statement, he commented:

“Since the start of the year, our data shows more than 1.5 million geolocation checks from nearly 155,000 sports wagering accounts across the state. While our technology did not permit these individuals to bet, the interest is undeniable. It is also undisputed that regulation will give adult bettors in North Carolina safe and accountable options to wager and the state an important new revenue stream.”

HB 347 is expected to raise the appetite for sports bettors in North Carolina. The three tribals sportsbooks in land-based casinos did not reach most of the population in the state, so sportsbooks in the Bank of America Stadium and PNC Arena will be a major upgrade from a retail perspective. Online sportsbooks with websites and mobile betting apps is expected to have most of the business in the state’s borders.

North Carolina Retail and Online Sports Betting Details

This state sports betting law has 12 sports betting venues other than the Eastern Band of Cherokee Indian Nation and Catawba Indian Nation for retail sportsbooks in the state. Along with Bank of America Stadium and PNC Arena, the retail sportsbooks will be placed at Charlotte Motor Speedway, North Wilkesboro Speedway, Quail Hollow Country Club, Sedgefield Country Club, Spectrum Center and WakeMed Soccer Park as sports facilities conducting wagers.

The law also has up to 14 online sportsbooks with websites and mobile betting apps, including the three tribal gaming sites. Online sports betting licenses cost $1 million every five years.

This is an 18% tax on sportsbooks’ gross profits on sports betting revenues with no deductions for promotional credits. North Carolina service providers pay $50,000 and suppliers pay $30,000 for a five-year license. Advanced deposit wagering licenses pay an annual 1% tax on parimutuel wagers on horse racing.

Popular US Sportsbook in North Carolina

FanDuel, DraftKings and Caesars Sportsbook are three of the most popular sportsbooks in North Carolina as far as sports betting fans in the state.

FanDuel is owned by Flutter Entertainment of Dublin, Ireland and Boyd Gaming owns five percent of the share. DraftKings Sportsbook is a US publicly-traded gaming company based out of Boston. Caesars also has wide-spread appeal in North Carolina from operating the existing retail sportsbook at Harrah’s Cherokee Casino Resorts.

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