North Carolina: sports betting one step closer to being legal

Sports betting is getting one step closer to being legal in North Carolina as the proposal to license and legalize it in the State, which was approved by the finance committee last week, has drawn support from many Democrats and Republicans. The bill has yet to clear two more Senate panels before heading to the floor for a full vote. 

Should the bill pass the Senate and House and Democratic Governor Roy Cooper signs it into law, the North Carolina Education Lottery commission would issue 10 to 12 interactive sports wagering operator licenses. Half of the net proceeds the state would collect from the licensees, including an 8% tax on gross revenues, would go toward a special fund to attract sporting events, while the remaining half would head to the state’s coffers. Under one version of the bill analyzed by the legislature’s fiscal staff, North Carolina would collect an estimated $8 to $24 million annually.

Following a 2019 U.S. Supreme Court decision paving the way for legalized sports betting in all 50 states, interest from state lawmakers to set up a system has soared. At least 20 states and the District of Columbia offer sports betting, according to the National Conference of State Legislatures.

Source: AP News