(The Center Square) – Gov. Roy Cooper is expected to soon sign into law a bill that lifts North Carolina into the states with legalized sports wagering.
The House of Representatives cast the final vote needed Wednesday afternoon, 68-45 in favor. Analysts vary on how much tax revenue the state should expect, and Cooper has slotted $60 million into his 2024-25 state budget proposal.
A fiscal note estimates total sports wagering tax and fee revenues at $22.1 million in fiscal year 2023-24; and $100.6 million in 2027-28. The Center Square accessed Spectrum Gaming Group for analysis on per-capita income and spending patterns in eight states with legalized sports betting, which yielded a forecast of about $263 million in revenue by the third year.
The fiscal note predicts annual betting by 2027-28 at $7.2 billion, with operators grossing $585 million in gaming revenue.
North Carolina has legal sports gambling at three tribal casinos operated by two American Indian tribes. The momentum for change has undercurrents in offshore and underground betting.
Consensus analysis pegs a January opening date, though the legislation language is clear for within 12 months of gubernatorial signing – meaning by next June. Once filed, Cooper has 10 days to sign or allow the legislation to become law; date of filing is Day 0.
The Senate – final bipartisan vote was 37-11 – took what the House had passed in March and added horse racing and increased the state’s tax capture from 14% to 18% of gross betting revenue minus winnings. Tax revenues, in part, would go to state, regional and local athletics initiatives; athletics programs within the University of North Carolina System; and gambling problem programs.
Under terms of the bill, legal betting age is 21. The North Carolina Lottery Commission can issue up to 12 interactive sports wagering licenses. Those entities would be vetted and responsible for their application fee of $1 million. Cash bets could be made at sportsbooks at or near pro sports venues, racetracks and golf courses. Adults with accounts would be able to bet using mobile devices or other computers.
Sports betting, according to the American Gaming Association website, is legal in 24 states and the District of Columbia. It is legal and not yet operational in Maine, Kentucky and Florida; and active legislation or ballot initiative is in progress in Vermont and North Dakota in addition to North Carolina.
The 24 states are Oregon, Nevada, Arizona, Wyoming, Colorado, Kansas, Iowa, Arkansas, Louisiana, Michigan, Illinois, Indiana, Ohio, West Virginia, Tennessee, Virginia, Maryland, Pennsylvania, New Jersey, New York, Connecticut, Rhode Island, Massachusetts and New Hampshire.
