Online sports betting in North Carolina is on the verge of completing its journey through the North Carolina General Assembly.

The House voted 67 42 to concur with Senate amendments on HB 347 during a reading on Tuesday morning. House leaders plan to hold a vote on Wednesday after which the bill will be sent to Governor Roy Cooper for his expected signature.

Last week the Senate passed the legislation prompting House Speaker Tim Moore to announce that his chamber would also concur with the amendments. Once Governor Cooper signs it regulators will begin preparations for launching online sports betting in North Carolina. However this launch cannot happen before January 8th, 2024.

What can we expect from NC sports betting? In person sportsbooks at casinos have already been legalized in North Carolina since 2020. However HB 347 expands the industry by allowing commercial operators like BetMGM to enter the market with up to 12 sportsbooks. BetMGM and other operators may offer North Carolina sports betting promo codes to attract new customers.

Operators will also have the opportunity to partner with sports organizations and establish in person sportsbooks at eight different locations across the state. These locations include home venues for teams such as Charlotte Hornets (NBA) Carolina Panthers (NFL) and Carolina Hurricanes (NHL).

Furthermore an amendment added by the Senate includes provisions for horse racing as well. The potential revenue for North Carolina has been a topic of discussion in the Senate. They made changes to the House proposal increasing the tax rate on sports betting revenue from 14% to 18%. Additionally they decided to exclude deductions from the overall revenue.

According to an analysis conducted by the legislature it is projected that sports betting could generate $10 million in revenue for the state in its first year. This figure is expected to increase over time reaching $100.6 million by the fifth year.

The tax revenue collected from North Carolina sports betting will be allocated towards causes, such as supporting amateur sports activities, funding collegiate athletic departments and providing education and treatment programs for gambling addiction.

If Governor Cooper signs this sports betting legislation into law it will mark the end of a journey for this proposal. In fact this year’s bill closely resembles a Senate effort from 2021 that narrowly missed passing in the House by one vote during springtime.

Representative Jason Saine reintroduced the legislation this year. It easily passed through the House with a vote of 64 45, in March. The Senate made some adjustments to ensure alignment with House preferences before sending it for final approval.

✅ Fact Checked on January 17, 2024 by Ken Weaver