The sports betting bill in North Carolina successfully clears the Senate

House Bill 347, introduced by representative Jason Saine along with a bipartisan group of lawmakers, has successfully advanced through the North Carolina Senate with a 37-11 vote. It will now proceed back to the House for further consideration. Governor Roy Cooper has already expressed his intention to sign the bill into law if it passes both chambers.

The Senate has made certain modifications to the bill that was initially passed by the House earlier this year. Consequently, the House must decide whether to accept these changes proposed by the Senate or engage in negotiations to reach a compromise. House speaker Tim Moore has indicated that he expects the House to vote in favor of accepting the Senate’s amendments through two recorded votes scheduled for this week.

HB347, if enacted, would permit online sports wagering starting from January 1, 2024. It allows for a maximum of twelve operators to obtain renewable five-year licenses at a cost of $1 million each. Betting would be allowed on professional, college, electronic, and Olympic sports. The regulation of sports betting would be under the jurisdiction of the North Carolina State Lottery Commission, as it is currently only permissible at tribal casinos in the state.

Operators would be subject to an 18% tax on their gross gaming revenue. The bill does not permit the deduction of expenses related to promotions or credits commonly employed to attract new customers. Projections indicate that by the fiscal year 2027-28, North Carolina could generate $100 million in tax revenue, as estimated by the state’s fiscal research division. Additionally, the projections suggest that over $6.6 billion would be wagered in North Carolina within the third year of legalization.