North Carolina sports betting bill moves to Senate Finance Committee for further consideration

House Bill 347, which aims to permit online sports wagering by January 1, 2024, has advanced through the Senate Commerce and Insurance Committee after undergoing several amendments.

The Senate Commerce and Insurance Committee has referred HB347, a bill aiming to legalize mobile sports betting in North Carolina, to the Senate Finance Committee. The bill received approval from the committee along with several amendments. These amendments include an increase in the tax rate from 14 to 18 percent, the exclusion of promotional credit deductions from taxable GGR (Gross Gaming Revenue), and the addition of parimutuel horse race betting, which was not included in the original House version of the bill.

House Bill 347, sponsored by Representative Jason Saine and supported by a bipartisan group of lawmakers, successfully passed the North Carolina House with a vote of 64-45 in March. The bill now awaits consideration in the Senate, with North Carolina Governor Roy Cooper expressing his intention to sign it into law if it receives Senate approval.

HB347 aims to legalize online sports wagering by January 1, 2024. The proposed legislation permits up to twelve operators to obtain renewable licenses for a fee of $1 million each. Betting would be allowed on professional, college, electronic, and Olympic sports. Currently, sports betting is only permitted at tribal casinos in North Carolina. If passed, the North Carolina State Lottery Commission would oversee the regulation of sports betting.

Last year, efforts to legalize sports betting in North Carolina fell short by a single vote.