New North Carolina Sports Betting Bill would open online marketplace
A new sports betting bill hit the North Carolina State Capitol this week.
Senators Jim Perry and Paul Lowe submitted SB 688 Wednesday. The non-partisan law approves and passes NC sports betting.
The new bill would expand the market beyond two tribal casinos in North Carolina into an online market.
As with many state lawmakers looking to open their states to sports betting, Perry told Raleigh News & Observer that he wanted to generate revenue from an illegal activity already taking place in the state.
“We believe every sheriff knows who the bookmakers are in their county,” he said. “We see this go on and we see people avoiding income taxes on money from illegal gambling.”
How does North Carolina bill for sports betting expand?
As introduced, the bill would authorize online NC sports betting to be used by the NC Education Lottery Commission. At least 10 Online sports betting licenses would be available, but no more than 12th.
Bettors could bet on authorized professional and college sports, as well as sports and amateurs Olympic-Style events. Youth sport would be taboo.
In addition to mobile platforms, a “sports facility” owner can set up a “public accommodation facility” to provide access to sports betting platforms via mobile devices or computer terminals. Sports facilities are defined as facilities in which 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.
Estimated Sports Betting Numbers in North Carolina
Perry and Lowe cited estimates that North Carolina might yield $ 50 million a year through sports betting.
The commission would collect one 8% tax on income from sports betting. The Commission’s profits support education, but half of the sports betting tax revenue would boost employment growth and economic development.
North Carolina royalties are:
- $ 500,000 for an initial five year license.
- $ 100,000 for renewals.
The first sports betting in North Carolina opened last month
In 2019, a sports betting law was passed in order to protect the Eastern band of the Cherokee Indians Open sports betting in their casinos.
The tribe has teamed up with William Hill To open retail sports betting at his two HarrahsBranded Casinos in the State of March 2021.
Under current law, online sports betting is not legal. The Eastern Band of Cherokees could apply for an interactive license under the bill.
North Carolina neighbors already in the game
Two from North Carolina’s neighbors, Tennessee and Virginiahave started sports betting.
Tennessee launched its online-only market in November, almost place with weather $ 700 million in bets. Operators generated $ 61.9 million in collecting revenue with the state $ 12.3 million.
Virginia started late January and has recorded $ 324.7 million under control, $ 15.8 million in operator revenue and $ 340,304 in state taxes.
North Carolina has a population slightly larger than, and closer to, Virginia Michigan. in the February 2021Michigan had its first full month of online sports betting $ 325.6 million under control.