How Does Legal Online Sports Betting Benefit North Carolina?
In 2023, a North Carolina sports betting law was signed into action. Now, the state is preparing to launch in 2024 with top sportsbooks currently in the approval process. Is NC sports betting a good thing? What benefits does legal online sports betting bring to North Carolina? Let’s look at the impact of legalizing online gambling in the state.
When Will North Carolina Sports Betting Launch?
As of right now, there is no date for the launch of North Carolina sports betting. Gov. Roy Cooper said the North Carolina Lottery Commission is setting a flexible goal of going live before March Madness. The NCAA Tournament tips off in mid-March.
The first possible date to go live was January 8, 2024, but the state wasn’t ready. Then, the commission ruled out being ready by February 11 for Super Bowl LVIII. Now, bettors are hoping March will be the window they see sports betting go online.
The Benefits of NC Sports Betting
Now, there are arguments back and forth on the positive or negative impacts of sports betting being legalized in the state. The biggest impact will be in the financial space for programs, universities, and more. Let’s look at some of the benefits of North Carolina sports betting becoming legal online.
Tax Dollars for the State
One of the biggest benefits will be money and tax dollars. It’s one of the biggest debates and focuses for the committees in states setting up sports betting rules. States can gain quite a bit of money from tax revenue depending on the tax percentages finalized.
In North Carolina, the state has an 18% tax on the gross sports wagering revenue. It doesn’t seem like much but it will add up quickly as projections have the state collecting over $500 million by the fifth year of sports betting regulation. That money is going to be divided up to the North Carolina community.
Funding for Youth Sports, College Athletics, and More
The sports bill passed in the state, HB 347, includes a clause for North Carolina Amateur Sports annual contributions. $1 million of tax betting revenue goes to youth sports as the state looks to expand facilities, and leagues to grow opportunities for children in the state.
Another $1 million each year will go to the North Carolina Outdoor Heritage Advisory Council. The money will be used in grants to help with the costs of sports-related travel as well as potentially bringing more sporting events to the state to generate revenue.
Also, there are thirteen universities in the state of North Carolina that will be benefiting from the tax revenue in the state. Each school can get up to $300,000 per year. The money will be allocated to the athletic departments. The schools include:
- Appalachian State
- East Carolina
- Elizabeth City State
- Fayetteville State
- NC Agricultural & Technical State
- NC Central
- North Carolina at Asheville
- North Carolina at Charlotte
- North Carolina at Greensboro
- North Carolina at Pembroke
- North Carolina at Wilmington
- Western Carolina
- Winston-Salem State
Jobs in North Carolina Sports Betting
With the legalization of sports betting comes plenty of jobs. The launch of the sports betting industry within a state’s borders brings retail locations that have job opportunities attached. Also, the state has a law requiring sportsbooks to partner with professional sports facilities or leagues which could mean sportsbooks located in stadiums that will require extra staff.
Also, jobs will be created for events, games, and more surrounding sports betting or sporting events in general. It looks like the following facilities will be granted a license for a retail sportsbook:
- Bank of America Stadium
- Charlotte Motor Speedway
- North Wilkesboro Speedway
- PNC Arena
- Quail Hollow Country Club
- Sedgefield Country Club
- Spectrum Center
- WakeMed Soccer Park
Sportsbooks have teamed up with professional teams and leagues to bring online sports betting to North Carolina such as Fanatics Sportsbook working with the Carolina Hurricanes.
Provisions for the Department of Health and Human Services
With sports betting comes potential risks. The sports betting law took this into account and added a $2 million provision to the Department of Health and Human Services. The funding focuses on treatment programs and services for gambling addiction. Important programs for responsible gambling in the state.
Responsible Gambling and Standards
Unfortunately, sports bettors across the country use offshore sportsbooks if they are located in states where sports betting is illegal. Offshore books don’t have to follow any set rules or regulations which creates a negative betting experience on top of the legality issues.
Regulated and legal sports betting brings important standards to any sportsbook operating in the state which protects both the operators and, most of all, the users of the platforms. They know that sportsbooks operate under specific rules and guidelines to create the best possible betting experience.
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