Two of the biggest names in sports betting, BetMGM and DraftKings, are making significant moves into the North Carolina market, each securing a partnership that aligns with the state’s requirements for sportsbook operations. This development comes as the state prepares to roll out its sports betting program, aiming to capture the excitement of sports fans and bettors alike.
BetMGM Strikes Deal with Charlotte Motor Speedway
BetMGM has confirmed a partnership with Charlotte Motor Speedway, a premier NASCAR race track. This collaboration is set to bring online sports betting to North Carolina, with BetMGM becoming one of the seven operators that applied for a sports betting license in the state. Adam Greenblatt, CEO of BetMGM, expressed enthusiasm about the partnership, citing North Carolina’s large population and rich sports culture as key factors in their decision to enter the market.
DraftKings Leverages NASCAR Partnership
Not to be outdone, DraftKings is leveraging its existing relationship with NASCAR to establish a foothold in the North Carolina sports betting scene. The company has been named NASCAR’s exclusive daily fantasy sports partner in the U.S. and Canada and is now set to become an Authorized Gaming Operator with additional sponsorship benefits. Matt Kalish, president of DraftKings North America, highlighted the shared commitment to enhancing fan experiences through this partnership.
North Carolina’s Sports Betting Landscape
The Tar Heel State is on the cusp of a sports betting revolution, with the North Carolina State Lottery Commission overseeing the licensing process. The recent sports betting bill mandates that online sportsbooks partner with one of six professional sports stadiums or venues, or with leagues like the PGA Tour and NASCAR. With a license cost of $1 million and an 18% tax on gross proceeds, the state is positioning itself as a lucrative market for sports betting operators.
Timeline for Sports Betting Rollout
Applications for sports betting operations were due by December 27, and the state gaming regulators are currently conducting background checks on the applicants. The goal is to have bets placed by June 15, in accordance with state law. However, Governor Roy Cooper and many sports betting enthusiasts are hopeful that the market will open in time for the NCAA’s March Madness basketball tournament.
Impact on the Local Economy and Sports Culture
The introduction of sports betting is expected to have a significant impact on North Carolina’s economy, with tax revenues supporting public colleges, a major event fund, tourism, job creation, and economic impact. Both BetMGM and DraftKings are committed to responsible gaming and plan to offer resources to ensure a safe betting environment for customers.
Looking Ahead: North Carolina’s Sports Betting Future
As the state prepares for the official launch of sports betting, the partnerships between BetMGM, DraftKings, and their respective sports entities signal a bright future for the industry in North Carolina. With a population eager for new forms of entertainment and a vibrant sports culture, the state is poised to become a significant player in the national sports betting landscape.
