Lawmakers in North Carolina are currently working towards legalizing sports betting through applications. This would allow individuals to place bets on sports games using their smartphones or computers eliminating the need to visit a casino. Recently the Senate made amendments to the bill pertaining to this matter.

One notable change they implemented involved removing a provision that was previously included in the bill. They decided against allowing horse racing tracks to operate horse racing (HHR) machines, which resemble slot machines and enable betting on past horse races. The Senate believed it was more prudent to exclude these machines for the time being.

Additionally the Senate extended the timeline for the North Carolina State Lottery Commission to initiate sports betting. The revised bill stipulates that rules governing sports betting should be prepared by January 8 2024. However under the provisions the Lottery Commission will have up to one year from when the law takes effect to make sports betting available throughout the entire state.

Following these adjustments another committee approved of the bills form. Consequently it will now proceed to be voted upon by all senators during a session, on a date this week.
If the vote passes it could open up the possibility of sports betting apps becoming a reality in North Carolina.

The state sees potential in generating revenue from sports betting. By 2028 they estimate that tax earnings from betting companies could reach around $100 million. Currently sports betting is only permitted at three casinos within the state. However if this bill is approved up to twelve different companies would be allowed to offer online sports betting across North Carolina. These companies would need to obtain a license for five years by paying $1 million.

Additionally the bill suggests that certain venues like stadiums could have dedicated areas for sports betting. Moreover the Senate proposes an increase in taxes on the profits made by betting companies from 14% to 18%. They intend to prevent these companies from reducing their taxes through strategies such as offering bets or other promotional deals to customers.

Senator Tim Moffitt shared his perspective on why legalizing sports betting’s important. While he personally doesn’t engage in sports betting he acknowledges that his adult sons might be interested. He also noted that despite its illegality people, in North Carolina are still participating in sports wagering. It is estimated that residents of the state placed bets amounting to $1.7 billion last year alone.
Senator Moffitt expressed the belief that legalizing sports betting in the state would bring about control increased safety measures and the opportunity to utilize tax revenue for public welfare.

It is anticipated that the state will collect $11.8 million in taxes during the initial year of legalized sports betting with this amount expected to rise in subsequent years. The revenue generated from these taxes will be allocated towards initiatives, such as support services for individuals struggling with gambling addiction grants for youth sports programs university athletic departments, a fund dedicated to hosting major events and general state funding.

In the year while a sports betting bill was approved by the Senate it failed to pass in the House by just one vote. However this years bill originated in the House. Received approval two months ago. If any modifications are made by the Senate to this bill it will require agreement from the House. In case of disagreement, between both chambers of government they will collaborate to create a version of the bill before summer when the legislative session concludes.

Should it reach him for consideration Governor Roy Cooper is expected to sign this bill into law. This development could mark a milestone for sports betting within North Carolina.
If you have an interest, in sports betting it’s worth keeping a lookout for any updates and promotional codes specifically designed for customers.

✅ Fact Checked on January 27, 2024 by Ken Weaver