North Carolina governor signs sports, horse racing betting law; wagering to being in early 2024

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CHARLOTTE, North Carolina (AP) — Organized sports betting and horse racing should begin across North Carolina in the first half of next year after Gov. Roy Cooper signed a law Wednesday that greatly expands gambling opportunities in the ninth-largest state.

The Democratic governor held a law-signing ceremony at the Spectrum Center, home of the NBA’s Charlotte Hornets. It could feature one of several projected sportsbooks allowed in or near professional sports stadiums as part of the law that won final approval in the Republican-controlled General Assembly last week.

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The new law states that betting can begin as early as next January 8 but as late as mid-June 2024, driving new revenue for the state and what supporters expect will lead to new jobs and stronger sports franchises within the state.

“This is a historic moment for the state of North Carolina and will benefit our economy for generations to come,” Cooper said at the ceremony.

The law directs the North Carolina State Lottery Commission to issue up to 12 interactive sports betting licenses to entities that offer mobile and online sports betting to customers who create accounts.

But anyone 21 or older can bet money on professional, collegiate, or Olympic sports at eight possible personal betting sites associated with stadiums, arenas, golf courses, and race tracks.

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North Carolina will become the 28th state in which mobile sports betting occurs or is licensed, according to the American Gaming Association. Gambling on horse racing is allowed through separate accounts and accounts.

Legal sports gambling in North Carolina is now only available at the state’s three casinos, which are operated by two American Indian tribes. Basically, the only other legal gambling in the state is the lottery which started in 2006.

Neighboring Tennessee and Virginia already allow mobile sports betting, drawing North Carolina residents to cross state lines to bet. According to supporters of the bill, regulating and taxing sports betting is the best way to control gambling that would otherwise take place underground or through offshore accounts.

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The bill advanced this year despite opposition from a coalition of social conservatives and liberals who said the additional revenue pales in comparison to the damage gambling will do to families and society.

A similar political coalition derailed sports gambling legislation last year by just one vote in the House, but lobbyists for legal sports betting providers in other states and professional sports franchises have kept pressing the idea and garnering more support in the legislature.

Rep. Jason Sain, R-Lincoln County and lead sponsor of the bill, said at the ceremony that the defeat “gave us the opportunity to work harder” and build support for the measure this year. “We got this over the hump and we’re very happy to do so.”

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The legislation taxes sports betting at a rate equal to 18% of total betting revenue minus dividends. Legislative analysts estimate that would generate more than $100 million in sports betting taxes annually within five years, resulting in $71 million in net revenue for state coffers.

Much of the sports betting tax revenue will go to local, regional and state athletics initiatives, sports programs in most North Carolina University System schools and gambling programs. Cooper said Wednesday he hopes future proceeds will help public education.

The law also allows the commission to set rules for live horse racing.

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