A new sports betting bill has hit the North Carolina State Capitol this week.
Senators Jim perry and Paul Lowe deposit SB 688 Wednesday. The bipartisan bill authorizes and enacts NC sports betting.
The new bill would expand the market beyond two tribal casinos in North Carolina to an online market.
Like many state lawmakers seeking to open their states to sports betting, Perry said to Raleigh News & Observer he wants to generate income from an illegal activity already practiced in the state.
“We think every sheriff knows who the bookies are in their county,” he said. “We are seeing this happening and we are seeing people avoiding income taxes on illegal gambling money.”
How does Bill expand sports betting in North Carolina?
As presented, the bill would allow NC online sports betting licensed by the NC Education Lottery Commission. At least ten online sports betting licenses would be available, but no more than 12.
Bettors could bet on licensed professional and college sports, as well as electronic and amateur sports Olympicstyle events. Sports for young people would be banned.
In addition to mobile platforms, an owner of a “sports facility” can set up a “public accommodation” to allow access to sports betting platforms via mobile devices or computer terminals. Sports facilities are defined as facilities that host professional sports with a capacity of more than 17,000.
The arenas for the NHL‘s Carolina hurricanes, NBA‘s Charlotte hornets and NFL‘s Carolina Panthers meet these criteria.
North Carolina Sports Betting Estimates
Perry and Lowe cited estimates North Carolina could make $ 50 million a year thanks to sports betting.
The commission would receive a 8% tax on sports betting income. The commission’s profits support education, but half of sports betting tax revenues are believed to support job growth and economic development.
The license fees in North Carolina would be:
- $ 500,000 for an initial license of five years.
- $ 100,000 for renewals.
North Carolina’s first sportsbook opened last month
In 2019, a law on sports betting was adopted to allow Eastern Band of Cherokee Indians to open sports betting in their casinos.
The tribe has teamed up with Guillaume Hill to open retail sports betting in its two Harrah’s-branded casinos in the state of March 2021.
Under current law, online sports betting is not legal. The Eastern Cherokee Band could apply for an interactive license under the bill.
Neighbors from North Carolina already in the know
Of them neighbors of North Carolina, Tennessee and Virginia, launched sports betting.
Tennessee launched its exclusively online marketplace in November, bettors placing close to $ 700 million in paris. The operators generated $ 61.9 million in revenue with the collecting state $ 12.3 million.
Virginia threw late January and recorded $ 324.7 million in sleeve, $ 15.8 million of operators’ turnover and $ 340,304 in state taxes.
North Carolina has a slightly larger population than Virginia and more closely matches that of the Michigan. In February 2021, its first full month with online sports betting, Michigan recorded $ 325.6 million in sleeve.