Thanks to the new law, which was signed by Governor Roy Cooper, betting on various sporting events will be possible throughout North Carolina. Gambling will become more accessible to local residents, and the project itself will open new opportunities for the development of the entertainment and sports culture industry in the state.
Details of the passed ordinance
In signing the legislation at the Spectrum Center, the home stadium of the NBA team Charlotte Hornets, the governor made it clear that the process will be closely tied to professional sports venues. It’s a great way to encourage interaction between professional sports teams and gambling, and in the long run, it could lead to a stronger sports industry as a whole. What’s more, according to the decree passed, sports betting could start to be accepted as early as the first quarter of 2024. This means that betting fans will immediately start enjoying the excitement of the new format.
The new law means that the North Carolina Lottery Commission will have the authority to issue up to 12 interactive sports betting licenses to organizations. This will open the door for mobile and online sports betting to all customers, who will only need to register on the website of their favorite establishment.
But, and this is important, not only special organizations will be able to offer sports betting services. Anyone over the age of 21 will be able to place money bets on professional, college, or Olympic sports in eight potential locations: stadiums, arenas, golf courses, racetracks, and other venues. This will provide tremendous flexibility and a variety of options for those who enjoy participating in sports betting.
Legal sports gambling in North Carolina today takes place only at the state’s three casinos, which are operated by two American Indian tribes. Prior to this change, the only legal gambling in the state was the lottery, which began operating in 2006. With the new legislative changes, the state will take a big leap in the development of gambling and sports betting.
The casino issue remains an open question for now. North Carolina residents have to travel to other states or play online. Many turn a blind eye to the lack of a casino license or play on foreign sites. As twinspinca.com writes, these platforms offer no deposit bonuses and therefore users are not discouraged by their illegal status.
Changes in taxation of the gambling industry
Under the new legislation, sports betting will be taxed at a rate equal to 18% of gross betting revenue, less distributed winnings. This tax, legislative analysts estimate, would generate more than $100 million in annual revenue over five years, generating more than $71 million in net revenue for state coffers. There is no doubt that these additional funds will play an important role in funding various sports and education programs in the state.
Now for the fun part: the majority of sports betting tax revenue will support local, regional, and state sports initiatives, as well as sports programs at most schools in the University of North Carolina system. This will help increase access to athletic opportunities for children and adults, as well as foster the development of talented young athletes.
Also, the legislation passed authorizes the commission to establish rules for horse racing. This opens up new opportunities for this form of the sport and can help strengthen the horse racing industry in the state, which will boost interest in the sport and provide additional support for all who participate.