North Carolina has taken a historic step by legalizing online sports betting, with Governor Roy Cooper signing House Bill 347 (HB 347) into law. This legislation, filed by Representative Jason Saine and a bipartisan group of lawmakers in March, paves the way for online betting on a wide range of sporting events, from horse racing to professional and college sports, Olympics, and even esports, all accessible via mobile devices.
Key Points of HB 347:
Broad Betting Scope: House Bill 347 permits online betting on a diverse array of sports, including horse racing, professional sports, college sports, Olympics, and esports, offering North Carolinians a wide range of options.
Amendments for Parimutuel Horse Racing: The Senate introduced key amendments, adding parimutuel horse racing betting to the bill, further diversifying the state’s betting options.
Tax Rate Adjustments: The Senate’s amendments also included an adjustment to the tax rate, increasing it from 14% to 18%. This tax rate change is a crucial element in the state’s revenue generation from sports betting activities.
Promotional Credit Deductions Removed: One of the significant changes made by the Senate was the removal of promotional credit deductions from taxable Gross Gaming Revenue (GGR). This ensures a more straightforward and transparent tax structure.
Future Timeline for Online Sports Betting:
Commencement of Online Sports Betting: The new law stipulates that online sports betting operations must commence within 12 months of its enactment. This timeline sets a clear path for the state to start benefiting from the economic opportunities provided by the sports betting industry.
Governor Cooper’s Perspective:
Historic Moment: Governor Cooper expressed his excitement about this momentous development, emphasizing that it is a historic moment for North Carolina. He also highlighted the potential long-term economic benefits that this legislation can bring to the state.
North Carolina’s decision to legalize online sports betting via House Bill 347 signifies a significant milestone in the state’s gambling landscape. With a broad scope that includes various sports and esports, tax rate adjustments, and a transparent tax structure, the legislation is poised to contribute to the state’s economy and provide its residents with an engaging betting experience.