Legal Online Sports Betting Goes Live in North Carolina
North Carolina Sports Betting Launch: State Offers 8 Operators
Monday came with great anticipation in North Carolina as it became the 30th U.S. state — in addition to Washington D.C. — to legalize online sports betting. The North Carolina sports betting launch coincides with one of the busiest months on the calendar, with the NCAA Tournament set to tip off next week.
In addition to industry leaders DraftKings and FanDuel, the initial sport wagering licenses went to Bet365, BetMGM, Caesars, ESPN BET, Fanatics Sportsbook, and Underdog. All eight of the best online gambling sites are required to pay a $1 million licensing fee and partner with a pro sports team/venue/organization and/or a Native American tribe.
The law also states that in-person betting be offered at venues through these partnerships. Those are expected to open on a case-by-case basis as operators meet requirements.
These partnerships are as follows:
- Bet 365: Charlotte Hornets
- BetMGM: Charlotte Motor Speedway
- Caesars: Eastern Band of Cherokee Indians
- DraftKings: NASCAR
- ESPN BET: Quail Hollow Golf Club
- Fanatics Sportsbook: Carolina Hurricanes
- FanDuel: Carolina Panthers and PGA Tour
- Underdog: Sedgefield Country Club
Breaking the Ice
Registration began on March 1. Residents aged 21 or older were allowed to create new accounts and deposit money with licensed operators. It wasn’t until Monday, however, that they were able to place wagers.
Gov. Roy Cooper, who signed the sports betting bill into law, placed a celebratory bet on the NHL’s Carolina Hurricanes to win the Stanley Cup this June. The Hurricanes are priced +800 across multiple sportsbooks. Cooper plans to put any winnings toward a team-associated charity.
NFL on Fox commentator and former Carolina Panthers tight end Greg Olsen also got in on the action. At a DraftKings launch party hosted by the NASCAR Hall of Fame, Olsen placed a $100 wager on Bubba Wallace to win the NASCAR Cup Series championship at +4000 odds. Should that bet hit, it would pay out $4,100.
Registered customers within the state are allowed to bet on professional, college or Olympic-style sports. Live betting on horse racing will have a different start date, the rules for which are still being drafted. While some markets restrict residents from betting on in-state colleges, North Carolina has no such rules.
That should only help attract customers in the basketball-crazed state, one of the 10 most populous in the country.
“The legalization of sports betting will provide a significant boost to North Carolina’s economy and will allow our thriving sports industry to continue to grow”. Cooper said via the Associated Press.
Growing Revenue
As the online sports industry continues to expand, sportsbooks scored a record $10.92 billion in revenue last year. The North Carolina sports betting launch is expected to contribute to that growth over the next month as the NCAA Tournament segues into the final few weeks of the NBA and NHL regular seasons and Opening Day in MLB. The PGA Tour and NASCAR are also of great interest in the Tar Heel State.
“North Carolina is a state that we’ve been really dying to get into for a couple of years now,” “The way the sports calendar works here, the love for college, the love for NASCAR specifically and obviously the other major sports, has made this a key state for us.” DraftKings Chief Commercial Officer Jeremy Elbaum said via the AP
Stay tuned for more news on the North Carolina sports betting launch
For Gambling news, odds, analysis and more, visit Point Spreads Sports Magazine.
