North Carolina sports betting bill to be discussed in House chamber

North Carolina

06/22/22

The sports betting legislation passed by the North Carolina senate is expected to finally receive consideration in the General Assembly’s lower chamber.

US.- It seems that the proposal will be taken directly to the General Assembly on June 30 for a chance to pass before the end of the current legislative session. Senate Bill 688 has already been approved by the Senate in a 26-19 vote and sent to the House of Representatives for consideration.

Yesterday, SB688 and another sports betting legislation passed through the North Carolina House Judiciary I Committee. Stops in the House Finance Committee and House Rules Committee are needed before either bill may reach the House floor.

If SB688 bill passes, players will be able to place bets at the state’s commercial land-based casinos and from their phones on professional and collegiate sports. The state lottery would issue 10 to 12 operating licences, which would last five years. At the moment, sports bettors in North Carolina can only bet at two tribal casinos operated by the Cherokee Indians.

Licences would have an initial fee of $500,000 and a renewal fee of $100,000. Platform and odds providers would be able to apply for licences, paying a $25,000 application fee and a $10,000 renewal fee. Other providers would be required to pay $15,000 and $5,000.

The bill currently proposes an 8 per cent tax rate on gross gaming revenue, but the expectation is that the tax rate will be raised to 10 per cent or above.

The original bill states that half of the tax revenue would go to a newly created fund to help attract sports, entertainment and political events to the state. Also, $1m annually would be used to treat gambling addiction. Analysts predict that sports betting in North Carolina could generate between $25 and $50m in taxes.

Governor Roy Cooper has gone on the record in support of sports betting, so his approval is expected should the House approve the bill.