Lawmakers in North Carolina’s House of Representatives held a second reading of HB 347, an online sports betting bill. Following the second reading, the House Rules, Calendar, and Operations committee approved the measure by a vote of 66-45. The North Carolina sports betting bill was then approved during a third reading by a vote of 64-45. HBB 347 will now head to the Senate.
North Carolina Bill Wins House Vote
The advancements made by this legislation are a major success in the hopes for mobile sports betting in North Carolina. No sports betting bill has been successful in passing in the House of Representatives. In 2022, the Senate advanced a measure that failed to pass in the House by a single vote.
With this measure making it to the Senate, there is optimism that it will pass. This would make online sports betting in the Tar Heel State closer than ever to advance. It all hinges on the Senate vote for the measure.
The main pitch lawmakers had in favor of the measure was ending illegal betting and aiding problem gambling. Bill sponsor Rep. Jason Saine emphasized these issues during the hearing.
“The moral thing, and smart thing, is to regulate this market and give people with problem gambling the help and resources they need,” said Saine.
Details On The Bill
HB 347 would see up to 12 online sportsbook applications available in the state. Operators will be taxed 14% on adjusted gross revenue (AGR). The measure set Jan. 8, 2024, as the target launch date for mobile betting in North Carolina.
North Carolina will produce an estimated $60 million to $80 million in annual revenue once the market reaches maturity. Taxes from sports betting will get divided and distributed to several departments.
Regulators will send $300,000 to each local university’s athletic departments annually. The Division of Parks and Recreation will receive $1 million annually for youth sports equipment. The Outdoor Heritage Advisory Council will receiver another $1 million. Additionally, regulators will earmark $2 million annually for towards problem gambling efforts.
North Carolina locals could very well see a new market in the coming months. It all hinges on the bill successfully making it out of the Senate floor.