The legalization of sports betting in North Carolina offers new revenue opportunities for the state and its universities. With the passage of House Bill 347, approved by Governor Roy Cooper on June 14th, 2023, North Carolinians will have access to North Carolina sports betting beginning in 2024.

This opens up a fast-growing market, with forecasts predicting 49.3 million active online sports bettors by 2027 according to Statista. North Carolinians will be able to access North Carolina betting apps from various sportsbook operators who have submitted license applications, like BetMGM North Carolina. These apps allow bettors to use NC sportsbook promo codes to access introductory bonuses and odds boosts.

The tax revenue from legal North Carolina sports betting will provide direct funding for 13 universities in the UNC System, with each receiving $300,000 annually. While UNC-Chapel Hill and NC State are excluded from this specific funding, smaller schools and athletic departments will benefit.

UNC-Chapel Hill in particular stands to gain increased interest, attendance, and viewership from legalized sports betting. Consider the NFL in 2021, which saw a significant boost after expanding legal sports betting access. Though differing in scale, the premise remains that sports betting drives engagement.

This engagement also promotes community growth and prosperity. The PNC Arena, home to the NC State Wolfpack basketball team, recently announced a $300 million investment for expansions like retail and dining. Carolina Hurricanes’ owner Tom Dundon said the goal is creating “a year-round attraction for residents.” Reports say a sportsbook could be another element of PNC Arena’s transformation.

Increased attraction means more spectators, which financially benefits teams at the arena. Similarly, sports betting can attract fans and dollars to Chapel Hill while supporting UNC Athletics. Ultimately the legalization of sports betting offers North Carolina new revenue streams and engagement opportunities across sporting organizations and universities.

✅ Fact Checked on January 28, 2024 by Ken Weaver