Two days after North Carolina Gov. Roy Cooper signed a bill into law legalizing North Carolina sports betting, the agency that’s being tasked to regulate the gaming activity is already starting its work.
The North Carolina State Lottery Commission launched a sports betting web page that contains information about what will happen in the coming months.
“This commission and the staff have been tasked with the enormous responsibility of licensing and regulating the newly enacted wagering activities while at the same time maintaining the quality work and highest standards of integrity with the lottery,” said Ripley Rand, chair of the commission. “Many people want to know when North Carolina will begin permitting legal sports betting. The commission and staff take these responsibilities seriously and are committed to ensuring the job is done in a complete, professional, transparent, and timely manner. We will keep the public up to date about when these programs will launch.”
National Search Underway
As part of that effort, a national search is already underway to find an experienced industry leader to “develop, implement and manage” the state’s sports betting and pari-mutuel horse racing programs.
Besides finding a leader, the commission is also in the process of hiring staff that will help develop the rules and regulations that will oversee the new gaming markets in North Carolina. That must occur before the state can unveil the application process and accept submissions from interested parties.
The Lottery Commission said there’s no schedule yet for when the application period will open, nor has it set up any meetings to discuss the new law.
The law gives the commission up to one year to allow operators to accept wagers. Rules and regulations cannot take effect until Jan. 8. While lottery officials could approve those guidelines sooner and accept applications before then, no wagering can take place before that date.
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What’s in the Bill
House Bill 347, the legislation Cooper signed into law on Wednesday, charges the Lottery Commission with licensing up to 12 online operators. Those companies will pay $1 million for a five-year license. Horse racing advance-deposit wagering platforms will pay $1 million for their licenses as well.
The application process encourages sports betting operators to partner with North Carolina’s professional sports teams and venues hosting professional golf and NASCAR events. Eight professional sports venues will also be allowed to open brick-and-mortar sportsbooks. BetCarolina will have all the best North Carolina sportsbook promo codes as soon as they become available.
“We are thankful for the collaborative effort and support of the Governor, North Carolina General Assembly and all those involved in getting this bill passed,” a spokesperson for Tepper Sports & Entertainment, which owns the Carolina Panthers and Charlotte FC and operates the teams’ Bank of America Stadium. “This represents a great entertainment option for our fans.”
North Carolina will tax sports betting operators’ revenue at 18%. Most of that will go to the state’s General Fund, but the rest will cover several initiatives. That includes funding for youth sports and athletics programs at 13 state universities. The new law also establishes a major events fund to attract new investments in the state. The state’s problem gambling program will also receive $2 million in funding annually from sports betting revenue.
More information about North Carolina sports betting can be found at the lottery’s sports betting website.