North Carolina Set to Transform the Sports Betting Landscape on March 11th, 2024

Unlocking the Excitement: North Carolina’s Sports Betting Revolution

In a groundbreaking move, North Carolina is gearing up to launch its highly-anticipated online sports betting platform on March 11, 2024. With retail wagering following shortly thereafter, sports enthusiasts across the state are counting down the days. Today, on January 24, the North Carolina State Lottery Commission gave the green light to this historic launch, setting the stage for a thrilling new era in sports entertainment.

Marking the Date: A Sports Betting Milestone

On March 1, 2024, eager players can begin registering their accounts, a critical step toward experiencing the excitement of North Carolina’s online sports betting. Not only that, but they can also start funding their accounts, ensuring they’re all set to engage in exhilarating wagers once the platform goes live.

The timing couldn’t be more perfect, as North Carolina’s online sports betting market aims to kick off just in time for the March Madness fervor—the National Collegiate Athletic Association’s (NCAA) yearly college basketball tournament. This period is nothing short of a sports betting extravaganza, and North Carolina is poised to make a grand entrance.

Behind the Scenes: The Journey to Launch

Speculation had been rampant regarding North Carolina’s go-live date, especially since the Commission had set January 26 as the deadline for operators to submit their proposed internal controls. Operators eager to join North Carolina’s sports betting scene must obtain approval for their internal controls, setting the bar high for excellence.

Chair Ripley Rand, overseeing the licensing process at the North Carolina State Lottery Commission, emphasized that the launch date primarily hinges on the length of the license application process. In December, the Commission initiated the licensing process, granting approvals for sports betting licensure applications, thus enabling online sports betting operators and related entities to commence their license applications.

A Historic Step: Governor Roy Cooper’s Signature

The journey to North Carolina’s sports betting legalization reached a pivotal milestone when Governor Roy Cooper signed sports betting into law on June 14th of the previous year. House Bill 347, which cleared the state senate on June 1 and the state house just a week later, had been in the works since March and finally found its way to Governor Cooper’s desk on June 9.

The legislation includes provisions for betting on college sports, esports, and other sports events authorized by the Commission. Furthermore, a tax rate of 18% on each license holder’s gross gaming revenue was established. This significant move laid the foundation for North Carolina’s regulation, stipulating that the state must publish sports betting regulations by January 8, 2024, and allow operators to accept wagers by June 14, 2024.

The Lineup of Operators: Who’s in the Game?

A total of nine operators have submitted applications for sports betting licenses in North Carolina, each required to form partnerships with sports teams, leagues, or venues within the state. The lineup is impressive, with big names and exciting collaborations set to define the state’s sports betting landscape.

BetMGM, for instance, has secured a market access agreement with the renowned Charlotte Motor Speedway, a hub for stock car racing series Nascar. DraftKings, on the other hand, is all set to make waves as it partners with Nascar, becoming the exclusive daily fantasy sports partner of Nascar in the US and Canada.

Fanatics Betting and Gaming has also entered the fray by forming a partnership agreement with NHL’s Carolina Hurricanes, marking itself as the official sports betting partner of the team.

Additionally, Underdog, the fantasy sports app, is venturing into sports betting territory, with an application for a license in North Carolina. Despite already securing a sports betting license in Ohio in late 2022, Underdog is yet to launch wagering, making it an intriguing player in the evolving North Carolina sports betting arena.

With these partnerships and developments, North Carolina is gearing up for a sports betting revolution that promises excitement, entertainment, and a thrilling future for sports enthusiasts across the state. Stay tuned for more updates as the countdown to March 11, 2024, continues!