North Carolina Licensing Update: Seven Sportsbooks Granted Licenses

Sports Betting to Go Live in State on March 11

The State of North Carolina issued the first seven sports betting licenses on Thursday. The state will be joining the list of states where sport betting is legal on March 11. But North Carolina residents can open accounts and make deposits beginning today at noon ET.

There were no real surprises regarding the companies given the green light to accept bets. The North Carolina licensing update shows FanDuel, DraftKings, Fanatics, ESPN Bet, Underdog Sports, bet365 and BetMGM as the sportsbooks who can take bets shortly.

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They were the first seven sportsbooks to apply for licenses. A total of nine license applications were received by the state.

Caesars is also looking to begin taking online bets as soon as the next North Carolina licensing update takes place. The company was behind the others when it came to announcing plans to operate in the state.

However, Caesars is expected to be granted an online license shortly. Caesars has operated retail sportsbooks at Harrah’s Cherokee Valley River and Harrah’s Cherokee Casino Resort since 2021. You can also wager at the Catawba Two Kings Sportsbook.

Sports bettors will be able to bet sports online on March 11. So the competition will be pretty fierce among the sportsbooks. Bettors should find decent sign-up bonuses to do battle with the oddsmaker.

North Carolina Provisions

The North Carolina sports betting law is a bit different than most other states. While some states require that sportsbooks partner with Indiana tribes, sports in North Carolina are required to partner with a state-based professional sports team, NASCAR, the PGA or an establishment that hosts an annual NASCAR or PGA event.

The original sports betting bill that passed the legislature on March 13, 2023, didn’t have the requirement for sportsbooks to have a written designation agreement with a partner. That provision was added later when it came time for the state budget.

The North Carolina Education Lottery would only “license interactive sports wagering operators who have a written designation agreement” with one of the professional sports teams, leagues or venues. Sports betting was also required to be live by June 8, 2024.

Receiving a license isn’t cheap. The sportsbooks pay $1 million for a five-year license. North Carolina sportsbooks are also not allowed to deduct promotional credits from their revenue.

That could limit the generosity of sportsbooks when it comes to new account bonuses. It’s one thing when you’re allowed to deduct free bets given from your revenue. It’s a different matter completely when you can’t.

The sportsbooks will be required to pay an 18% tax on revenue. That number is comparable to other states.

Bettors will be able to bet on college teams in the state. That’s almost a must for a basketball-crazy state like North Carolina. The Tar Heels, Blue Devils, Demon Deacons and Wolfpack will receive their share of bets on a consistent bases. However, betting on politics and entertainment awards will be prohibited.

There’s a lot of money to be made by the sportsbooks in North Carolina. It won’t be a shock to see more than Caesars added during the next North Carolina licensing update.

For gambling news, odds analysis, and more, visit Point Spreads Sports Magazine.


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