In a significant development, House Bill 347, aimed at legalizing online sports betting in North Carolina, has progressed further in the legislative process. The bill, sponsored by Representative Jason Saine and supported by a bipartisan group of lawmakers, received approval from the North Carolina House with a 64-45 vote. With this advancement, the bill now proceeds to the Senate. Governor Roy Cooper has already expressed his intention to sign the bill into law if it successfully clears the Senate.
Legalizing Online Sports Betting:
House Bill 347 outlines the legalization of online sports wagering in North Carolina, with provisions set to take effect by January 1, 2024. This legislation aims to provide residents with a legal and regulated platform for betting on various sports events.
Licensing for Operators:
Under the proposed law, up to twelve operators can obtain renewable five-year licenses at a cost of $1 million each. This framework encourages competition while ensuring that operators meet regulatory requirements.
Broad Betting Options:
The bill allows betting on a wide range of sports, including professional leagues, college sports, electronic sports (eSports), and even Olympic events. This comprehensive approach aims to cater to diverse interests within the sports betting community.
Regulatory Oversight:
The North Carolina State Lottery Commission will be responsible for regulating and overseeing sports betting activities in the state. This regulatory body will ensure compliance with established rules and standards.
Taxation and Revenue Allocation:
House Bill 347 introduces a tax rate of 14 percent on sports betting revenue. The generated revenue will serve various purposes, including funding gambling education and treatment programs with an allocation of $2 million annually. Additionally, $1 million will be designated to enhance youth sports equipment and facility upgrades through the North Carolina Division of Parks and Recreation.
Support for Universities and Heritage:
The bill demonstrates a commitment to supporting higher education and heritage preservation. It earmarks up to $300,000 annually for the athletic departments of select universities and allocates $1 million to the North Carolina Outdoor Heritage Advisory Council for awarding grants.
Revenue Expectations:
Representative Saine has estimated that the state could generate at least $50 million in annual revenue through legalized sports betting. This significant revenue stream would benefit various community programs and initiatives.
Past Attempts:
Efforts to legalize sports betting in North Carolina narrowly failed by a single vote in 2022. The current advancement of House Bill 347 reflects continued legislative momentum in favor of regulated sports betting.
The progression of House Bill 347 in the North Carolina House marks a significant step toward legalizing online sports betting in the state. If the bill successfully passes the Senate and receives the governor’s approval, North Carolina residents can anticipate a regulated and responsible platform for sports wagering, contributing to revenue generation and community programs.