A new law in North Carolina that could enable individuals to place sports bets using their phones and computers is drawing closer to implementation. The Senate Committee on Commerce and Insurance has given its approval to a modified version of House Bill 347 signifying some changes from the draft.

The committee has decided to increase the tax obligations for sports betting companies. Previously set at 14% these companies will now be required to pay 18% in taxes. Additionally they are prohibited from deducting the funds allocated for deals when calculating their tax liabilities. Another significant amendment is the legalization of horse race betting encompassing live race viewing and wagering online betting, as well as a game that simulates slot machines but employs historical horse races to determine winning outcomes.

Senator Jim Perry proposed the inclusion of horse racing within the bill receiving agreement from all committee members.

Currently sports betting is only permitted at three American tribal casinos in the state. However if this new legislation passes it may allow for around 10 to 12 companies to offer sports betting services. Furthermore professional sports teams, in North Carolina might establish their venues where people can place bets using North Carolina betting apps and take advantage of North Carolina sports betting promos. Native American tribes also have the opportunity to collaborate with betting companies without violating the states limit on the number of such companies.

If you happen to be on land access to certain betting apps might require a special agreement between those apps and the tribes.

While many other states have already embraced sports betting North Carolina is still catching up. Senator Timothy Moffitt acknowledged that laws sometimes lag behind peoples actions drawing a parallel to the prohibition era when alcohol consumption continued despite its illegality.

During the committee meeting only groups and churches opposing sports betting expressed their concerns about the bill.

The bill is not yet ready to be passed as law; it still needs approval from two committees; the Finance Committee and the Rules and Operations Committee. Once approved it will be presented for consideration by all senators on the Senate floor. Any changes made by the Senate must also be agreed upon by the House.

Sports betting has generated interest among people, in North Carolina. According to a survey 16% of adults in North Carolina have already engaged in sports betting while around 31% expressed their inclination to do so if it becomes legal throughout the entire state. About a quarter of the respondents stated that they would place bets every month with half indicating they would bet at least once a year.

Interestingly some individuals currently travel to neighboring states such as Tennessee or Virginia where sports betting is legal. A company that monitors the location of users when they access betting apps discovered that many people in North Carolina attempt to use these apps but are unable to due to the lack of legality. Additionally their research revealed that certain individuals actually go to Virginia for the purpose of placing bets using a DraftKings North Carolina promo code.

GeoComply the organization responsible for this analysis suggests that North Carolina could generate revenue by allowing legalized sports betting. Currently potential earnings are being missed out on because people either cannot bet or choose to do in other states.

Considering its population of over 10 million residents if North Carolina passes this law it would become one of the states permitting statewide sports betting rather than confining it to specific locations. This development holds implications, for both the state and those who enjoy placing bets on sporting events.

✅ Fact Checked on January 16, 2024 by Ken Weaver