North Carolina sports betting bill HB 347 has seen movement in the Senate. The North Carolina Senate Committee on Commerce and Insurance discussed the measure and advanced it out of committee. The bill now heads to the Finance Committee for the next step. This bill would allow for statewide mobile sports betting in North Carolina.
North Carolina Bill Moves Forward
The measure passed in committee with a favorable report. This comes after the measure sat for several weeks on hold due to the crossover deadline. While reviewing the measure, lawmakers added amendments to the bill.
During the meeting, lawmakers increased the set tax rate of 14% on adjusted gross revenue (AGR) to 18%. Lawmakers also prohibited sportsbooks from deducting promotions from taxable win. An additional amendment regulated parimutuel horse racing in the Tar Heel State.
These amendments were approved alongside the measure and HB 347 moved to the Finance Committee. This shows a good sign for the bill and the future of sports betting in North Carolina.
Benefits Of The Measure
During the meeting, lawmakers in favor spoke on the benefits of revenue from sports betting. Funds from sports betting would be divided across a number of state-funded programs. This includes youth sports, local universities, grants for the Outdoor Heritage Advisory Council, the Division of Parks and Recreation, and problem gambling efforts.
“Betting on sports in our state is occurring right now,” said Timothy Moffit, state senator. “In order for us to regulate it, to tax it, and provide a public benefit with those taxes, we have to authorize it first.”
Funds are also set to be allocated to local HBCUs and to entice major sporting entities to host events in North Carolina like the Super Bowl and March Madness.
If the measure passes, the market could go live as early as January 2024. The bill would see sportsbooks host odds for pro and collegiate teams including in-state colleges. Additionally, the measure would allow for Olympic betting and eSports betting.
North Carolina has limited sports betting already available at tribal casinos. This measure would be an expanded gambling measure for the Tar Heel State. The addition of horse racing is also a major expansion. Locals should be excited about the future of North Carolina sports betting.
