North Carolina sports betting bill passes Senate
HB347 now heads back to the House for a likely final vote this week.
US.- House Bill 347, filed by representative Jason Saine and a bipartisan group of lawmakers, has advanced out of the North Carolina Senate after a 37-11 vote. It will now go back to the House. North Carolina Governor Roy Cooper has already said he will sign it into law if it passes both chambers.
The Senate has made some changes to the bill passed by the House earlier this year, so now the House must decide whether to accept the Senate’s changes to its proposal or attempt to negotiate a compromise. House speaker Tim Moore said he anticipated the House would vote to accept the changes in two recorded votes this week.
HB347 would allow online wagering on sports by January 1, 2024. It allows for up to a dozen operators to acquire five-year renewable licences for $1m each. Betting would be permitted on professional, college, electronics and Olympic sports. The North Carolina State Lottery Commission would regulate sports betting, which is currently only allowed at tribal casinos in North Carolina.
Operators would be charged an 18 per cent tax on gross gaming revenue. The bill does not allow companies to deduct the cost of promotions or credits often used to get customers to sign up. Projections indicate North Carolina could receive $100m in tax revenue by the 2027-28 fiscal year, as per the state’s fiscal research division. According to projections, more than $6.6bn would be bet in North Carolina by the third year of legalisation.
