Online sports betting operators and related suppliers can now submit applications in North Carolina, signaling a significant step towards the launch of its legal sports betting market.
Governor Roy Cooper signed House Bill 347 into law in June, officially legalizing sports wagering.
However, the precise launch date remains uncertain as it hinges on several factors, primarily the duration of the application process.
Chair of the North Carolina State Lottery Commission, Ripley Rand, explained that the Commission must thoroughly review all applications, conduct background checks, and scrutinize internal control details before determining a launch date.
Each application will undergo a 60-day review period, during which operators have 10 days to address any identified issues.
Additionally, the Commission needs to finalize its sports betting rules.
The state’s Sports Betting Committee initiated the rulemaking process in October, along with opening a window for public comments on the proposed rules until November 1st.
House Bill 347 mandates the completion of these rules by January 8th of the following year. This deadline aligns with the June 14th launch date, one year after the bill’s passage.
Commission Chair Rand acknowledged the public’s eagerness to know when they can begin betting in North Carolina, emphasizing that various factors influence the launch date.
However, he emphasized that approving the applications is a significant stride toward progress.
Rand hopes applications will be submitted before December 27th, giving them ample time to review and complete the process by June 2024.
Cari Boyce, Chair of the Commission’s Sports Betting Committee, emphasized the importance of creating a fair and responsible market in North Carolina, though she refrained from speculating on the exact betting commencement date.
Although the final sports betting rules are pending confirmation, the bill already outlines several key provisions.
It permits bets on college sports, esports, and other sports matches authorized by the Commission. Notably, the rules also ban pick’em-style daily fantasy sports games.
The tax rate on license holders’ gross gaming revenue is set at 18%, up from the initially proposed 14%.
A portion of this revenue, $2 million annually, will be allocated to the Department of Health and Human Services to fund gambling addiction treatment and education.
Operators must also establish a written designation agreement with a sports team, league, or venue before launching sports betting operations in North Carolina.