Legislation to legalize sports betting and horse race wagering in North Carolina is now awaiting Governor Roy Cooper’s signature after being passed by the state’s General Assembly. The bill, which received final approval on Wednesday, would permit online betting on professional, college, and Olympic-style sports and some in-person betting for individuals aged 21 and over, with implementation expected within the next six to 12 months.
Governor Cooper has expressed support for the bill, acknowledging that it presents an opportunity for the state and its taxpayers to benefit from this form of entertainment.
The bill has gained traction with bipartisan support, with nearly half of the House’s members sponsoring the initial measure. Stakeholders against gambling attempted to block the proposal, as they had done successfully in the past, but their efforts proved unsuccessful this time.
The legislation aims to bring the illegal sports betting market into a legal and regulated framework, as current options are limited to retail betting at the state’s three casinos.
Many bettors have resorted to using illegal bookies and offshore sites due to the lack of convenient access. The bill’s passage would offer a regulated alternative and provide a level playing field for North Carolina compared to neighboring states like Virginia and Tennessee.
The North Carolina Lottery Commission would oversee the management of the new gambling options, including issuing up to 12 interactive sports wagering licenses subject to extensive background checks and hefty application fees.
The legislation also allows for the opening of sportsbooks near professional sports venues, including those hosting NASCAR races and golf tournaments.
Additionally, separate licenses for horse race gambling operators would be available, and the commission would set rules for live horse racing.
The measure proposes taxing sports wagering at 18% of gross betting revenue minus winnings, a change from the previous House proposal that suggested a 14% tax with more deductions.
Analysts estimate that by mid-2028, the state could generate approximately $71 million annually from sports wagering and horse racing, with a projected total betting volume of over $6.6 billion in North Carolina by the third year of legalization.
The anticipated tax revenue from these activities would contribute to various local, regional, and state athletics initiatives, support athletic programs in the University of North Carolina system, and fund problem-gambling programs.
With the potential for substantial economic benefits and enhanced regulatory oversight, North Carolina is set to join the growing number of states embracing the legalization of sports betting and horse race wagering.
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