The landscape of sports betting in North Carolina is poised for a significant change as the state prepares to introduce seven online sportsbooks in 2024. This move comes after the North Carolina Lottery Commission received applications from seven operators by the December 27 deadline, setting the stage for a vibrant and competitive market.
The Magnificent Seven Set to Transform NC Sports Betting
Referred to as the ‘Magnificent 7’, these pioneering sportsbooks are the first to apply for licenses in North Carolina. The list includes prominent names in the industry like bet365, Caesars, BetMGM, DraftKings, FanDuel, Fanatics Sportsbook, and ESPN BET. Each of these operators has submitted their applications in hopes of being ready to go live on the state’s official launch day.
These companies may not accept bets until given the green light by the NC Education Lottery regulators. However, there is still an option for NC sports fans. Fliff offers a sweepstakes site that operates like a sportsbook.
Strategic Partnerships and Legislative Milestones
Some of the applicants have already secured partnerships with professional sports teams in North Carolina, a strategic move that is a requirement for obtaining a license. These partnerships are crucial as they not only facilitate the licensing process but also provide a ready-made audience for the sportsbooks. For instance, bet365 Sportsbook has partnered with the Charlotte Hornets, FanDuel with the PGA Tour, Fanatics with the Carolina Hurricanes, and ESPN Bet with the Quail Hollow Club.
The state legislature’s decision to pass HB 347 and legalize online sports betting was influenced by the success of legal sports betting in neighboring Virginia. With retail sports betting already legal at two Caesars Sportsbooks and one IGT one located at tribal casinos since March 18, 2021, North Carolina is now expanding its gambling portfolio to include online options.
Launch Timeline and Expectations
While the initial potential date for North Carolina sports betting to go live was January 8, 2024, this has been ruled out. Bettors had hoped for a launch by Super Bowl LVIII on February 11, 2024; however, this date was also ruled out. Governor Roy Cooper has expressed hopes of launching by March Madness without setting a hard date, but the state must launch online sports betting by June 2024.
Regulatory Process and Market Readiness
The North Carolina State Lottery Commission is currently reviewing the applications to assess completeness and undertake a substantive review. The commission will continue accepting applications on a rolling basis, but future operators won’t be eligible to begin on the first day of the state’s online sports betting launch. This creates an incentive for operators to have their applications ready and partnerships secured early.
Under the sports betting bill, brick-and-mortar casinos with an established presence in the state, like Caesars Sportsbook, are allowed online sports betting access. This integration of retail and online betting is expected to provide a seamless experience for bettors in North Carolina.
Impact on Sports Culture and Economy
The arrival of online sports betting is set to have a significant impact on North Carolina’s sports culture. College teams like the Duke Blue Devils and UNC Tar Heels, as well as professional teams such as the NFL’s Panthers and NBA’s Hornets, are expected to draw considerable betting interest. The state’s history with gambling, which now includes regulated online horse race wagering, is poised for a new chapter with these developments.
Moreover, the economic implications are substantial. Each sportsbook license comes with a one-time fee of $1 million and an 18% tax on gross revenue. These tax benefits will support collegiate athletics at state universities, with thirteen schools set to receive up to $300,000 annually from gaming expansion funds.
Responsible Gambling and Support
As excitement builds for the launch of online sports betting in North Carolina, there is also a focus on responsible gambling. Individuals experiencing gambling problems are advised to call 1-800-GAMBLER for support. The state and operators are expected to promote responsible gambling practices and provide resources to help maintain a safe betting environment.
With the regulatory framework in place and operators gearing up for the big launch, North Carolina is on the cusp of a sports betting revolution. The seven online sportsbooks named are ready to offer a diverse and dynamic betting experience to residents and visitors alike, marking a new era for the state’s gaming industry.
