North Carolina Governor Roy Cooper has officially signed the legislation for online North Carolina sports betting in the state paving the way for its launch in January 2024.

A week after receiving final approval from the legislature Governor Cooper held a ceremony to ratify House Bill 347. Throughout the process he had expressed his intention to sign the bill.

In a statement provided to us Coopers office emphasized that it is important for North Carolina taxpayers to benefit from sports wagering, which is already happening. This legislation establishes a framework to ensure that benefit within lawful boundaries. However there is still work to be done in terms of equipping and regulating this industry by providing resources and support to the NC Lottery Commission.

Moving forward the North Carolina Education Lottery Commission will carefully examine the law. Determine its next course of action. This includes establishing licensing procedures and application processes for operators. The commission intends to act so that online North Carolina sports betting can be launched near January 8 2024 as permitted under this laws provisions according to a statement issued by the agency to us.

The legalization of North Carolina sports betting holds implications for North Carolina due to its status as one of Americas most populous states, with a thriving professional and collegiate sports scene. North Carolina has already introduced in person sportsbooks at casinos for nearly three years but the addition of online North Carolina sports betting will bring a new dimension to the Tar Heel State.

Under the law a maximum of 12 North Carolina sports betting apps can enter the market with each license requiring a $1 million fee for a period of five years.

Furthermore eight professional sports facilities will have the opportunity to collaborate with operators to establish in person sportsbooks. The legislation also guides the lottery to consider plans for in person venues when reviewing North Carolina sports betting applications.

What can we anticipate for North Carolinas sportsbooks?

Based on projections it is estimated that North Carolina bettors could wager $6.8 billion within two years. Additionally according to analysis conducted by lawmakers the state stands to generate up to $100.7 million annually by year five through its 18% tax rate on North Carolina sports betting revenue.

It’s worth noting that promotional expenses cannot be deducted from revenue by these sportsbooks.

With a population of around 10.7 million residents North Carolina shares similarities in size with Michigan and its neighboring state Virginia. Both Michigan (with a population of 10.1 million) and Virginia (with a population of 8.7 million) experienced online wagering activity during their second year of operation in 2022.

The path towards online North Carolina sports betting in North Carolina

During the legislative session (2021 2022) there was an almost identical proposal, for North Carolina sports betting; however it fell short by just one vote. That gave supporters a sense of hope as we approached the spring session.

In March Representative Jason Saines bill was swiftly passed by the House without any changes with a vote of 64 45. The Senate then took up the bill in May making additions such as horse racing and increasing the tax rate to 14%.

With a vote of 37 11 the Senate sent the legislation back, to the House. Week the House agreed to these changes with a vote of 68 45. Users will expect to see North Carolina sportsbook promos and details on the BetMGM North Carolina bonus code as sports betting expands in the state.

✅ Fact Checked on January 17, 2024 by Ken Weaver