Betting on sports and horseracing could be legal in North Carolina as early as January 8

Regulated betting on sports and horse racing is expected to begin rolling out in North Carolina in the first half of next year, enabled by legislation Gov. Roy Cooper signed into law Wednesday that significantly expands gambling opportunities in the ninth-largest state.

The Democratic governor held the signing ceremony at the Spectrum Center, home of NBA’s Charlotte Hornets. It could house one of several expected sportsbooks allowed at or near professional sporting venues as part of the law that was finally approved in the Republican-controlled General Assembly last week.

Under the new law, betting can start as early as January 8 or as late as mid-June 2024 for sports betting. Proponents say the expansion will bring new revenue and jobs, and attract stronger professional sports franchises to the state.

“This is a historic moment for the state of North Carolina, and it will benefit our economy for generations to come,” Cooper said.

The law directs the North Carolina Lottery Commission to issue as many as 12 interactive sports betting licenses to entities that offer mobile and online sports betting to customers who create an account.

Those in North Carolina will soon be able to legally bet on Duke and the University of NC

But anyone 21 years or older can also place money bets on pro, college or Olympic sports at the eight possible personal betting locations associated with stadiums, arenas, golf courses and racecourses.

North Carolina becomes the 29th state to allow or allow mobile sports betting, according to the American Gaming Association. Horse racing betting would be allowed through separate licenses and accounts.

Legal sports gambling in North Carolina currently only occurs in the state’s three casinos, which are operated by two Native American tribes. Essentially, the only other legal gambling in the state is a lottery that began in 2006.

Neighboring Tennessee and Virginia already allow mobile sports betting, allowing North Carolina residents to cross state lines to bet. Proponents of the bill say regulating and taxing sports betting is the best way to control gambling that otherwise took place underground or through offshore accounts.

The bill was introduced this year despite opposition from a coalition of social conservatives and liberals, who said the additional revenue pales in comparison to the damage more gambling addiction would do to families and society.

A similar political alliance derailed sports betting legislation last year by just one vote in the House, but lobbyists for legal sports betting providers in other states and professional sports franchises continued to press the idea and gain more support in the legislature.

Bryce Young and the Carolina Panthers, like the rest of the NFL, will be available to bet on

The defeat “gave us an opportunity to work harder” and build support for the measure this year, Rep. Jason Saine, a Lincoln County Republican and lead sponsor of the bill, said at the ceremony. “We’ve got this over the hump and we’re so happy to be doing this.”

The legislation will tax sports betting at a rate equal to 18% of gross betting income minus distributed winnings. Legislative analysts estimate that this will generate more than $100 million annually in sports betting taxes within five years, resulting in $71 million in net revenue for the state coffers.

Much of the sports betting tax revenue would go to local, state, and state athletic initiatives, athletic programs at most schools in the University of North Carolina system, and problem gambling programs. Cooper said Wednesday he hoped more future proceeds would help public education.

The law also empowers the commission to set rules for live horse racing.