The North Carolina State Lottery Commission has given the green light for the launch of online sports betting in the state, with players able to start registering accounts and funding them as of March 1, 2024.
This announcement comes just in time for the highly anticipated March Madness, the National Collegiate Athletic Association’s (NCAA) annual college basketball tournament, which is a prime time for sports betting enthusiasts.
The speculation surrounding North Carolina’s go-live date escalated earlier this month when the Commission established January 26 as the deadline for operators to submit their proposed internal controls.
Approval of these internal controls is a prerequisite for operators seeking to operate in North Carolina, adding an extra layer of scrutiny to ensure fair and responsible sports betting practices.
The North Carolina State Lottery Commission is currently overseeing the licensing process, and the actual launch date will largely depend on how long it takes to process license applications.
The licensing process commenced in December when it approved applications for sports betting licensure, allowing online sports betting operators and related entities to commence their licensing applications.
The journey towards sports betting in North Carolina began when Governor Roy Cooper signed House Bill 347 into law on June 14 of the previous year.
The bill had previously been approved by the state senate on June 1 and the state house one week later. Introduced in March, it was finally presented in its ultimate form to Governor Cooper on June 9.
House Bill 347 laid out several key stipulations, including the allowance of bets on college sports, esports, and other sports events authorized by the Commission. Operators will be subject to an 18% tax on their gross gaming revenue.
The bill also mandated that the state establish regulations for sports betting before January 8, 2024, and required that sports betting operators be permitted to accept wagers by June 14, 2024.
Nine operators have submitted applications for sports betting licenses in North Carolina.
These operators must form partnerships with sports teams, leagues, or venues within the state.
Notable applicants include BetMGM, with a market access agreement with Charlotte Motor Speedway, and DraftKings, which will partner with Nascar, becoming their exclusive daily fantasy sports partner in the US and Canada.
Fanatics Betting and Gaming has also initiated its market entry process by partnering with the NHL’s Carolina Hurricanes, making them the official sports betting partner of the team.
Underdog, a fantasy sports app, has announced its partnership with McConnell Golf to support its application for a sports betting license in North Carolina, expanding its reach beyond daily fantasy sports into the world of sports betting.