Sports Betting Bill in North Carolina Finally Progresses
Over ten months ago, North Carolina’s lawmakers approved Senate Bill 688, paving the way for the legalization of sports betting to be discussed in the House chamber. However, the legislation has since suffered a string of bureaucratic delays. It’s currently still sat with the original committee it was handed over to last August, after a 26-19 winning vote enabled its passage through the Senate.
Finally, it seems as if the proposal will be taken directly to the General Assembly, with advocates hoping that it can be pushed through the chamber prior to the conclusion of this legislative session. For that to happen, it would need to be ready for Gov. Roy Cooper to administer final sign-off before the close of the month.
The legislation decrees that mobile sports betting would be legalized throughout the Old North State, with sports betting platforms charged a $500k licensing fee for the privilege of operating in its fledgling market. That would be topped up by a $100k per annum renewal fee, and a modest, 8% tax levy on total gross gaming revenue.
North Carolina’s retail sportsbook marketplace has been open for business a little over a year now. However, this activity is currently restricted to tribal casino establishments, located in the south-west outreaches of the state. Senate Bill 688 determines that professional sports venues are empowered to launch sportsbook kiosks, and can offer live, in-play odds during their respective hosted events.
Democrat State Senator Paul Lowe, a key advocate for the bill, suggests that there is now sufficient cross-party support to return a vote in favour of the legislation. Lowe, along with a number of political allies, has emphasized that the current, unregulated marketplace is scooping commercial benefits that should be serving to boost not only the local economy, but also North Carolina’s state coffers.
Indeed, the east-coast state’s Association of Fiscal Research Division, believes a regulated online sports betting industry would put circa $50m a year into the local public purse.
