The Rise of Sports Betting in North Carolina and its Benefits to the State

You may be in luck if you have ever wished you had a bookmaker for each time you predicted the Carolina Panthers would win (or lose, eek).

House Bill 347, which North Carolina Governor Roy Cooper endorsed on June 14, establishes legalization for sports wagering in the state beginning in 2024.

North Carolina is finally capitalizing on a swiftly expanding market, which has prompted Disney-owned ESPN to establish its own sportsbook in partnership with casino operator PENN Entertainment. The reversal of Disney CEO Bob Iger’s previously resolute position against sports betting demonstrates the enormous financial stakes that major media companies are exposed to.

When is Sports Betting Coming to North Carolina?

Fans and sports bettors patiently awaiting the launch of mobile sports wagering in North Carolina will learn the exact length of time they must wait this week.

This week marks the North Carolina Lottery Commission’s slated meeting, during which the sole item of business is a vote on “authorization of sports wagering.”

The commission previously stated that sports wagering would not commence until after the Super Bowl on February 11. Work will probably begin before the NCAA men’s basketball tournament in early March.

Nine sports wagering operators have submitted applications to accept wagers in the state. The deadline for submitting their proposed internal controls for commission review is this Friday. According to the commission, mobile sports wagering will debut in the state before in-person sports betting at select locations. Operators must agree with specific in-state teams, divisions, or facilities to obtain a license.

Funding College Sports & Sports Enthusiasts

For sports enthusiasts, the idea of transforming their intense interest in sports into a source of earnings is captivating. According to Statista’s projections, the number of individuals engaging in the online sports betting industry is expected to reach 49.3 million by 2027.

There is a significant demand at the national level. Simplify it to the state where the UNC-Duke rivalry takes place. Indeed, I anticipate no decline in interest.

Thanks to the astute efforts of legislators who formulated HB 347, universities within the UNC system would immediately get financial advantages from taxes levied on sportsbooks. According to the bill, 13 universities in the UNC system will be allocated $300,000 per year. They will also divide a certain percentage of the yearly tax money generated by state-regulated gaming.

UNC-Chapel Hill and N.C. States are excluded from the list of institutions receiving this income. However, it will greatly benefit smaller sports departments and universities in the state.

However, clarifying that the Tar Heels will benefit greatly is important.

Attendance, Viewership, & Investments

The legalization of North Carolina sports betting is expected to bring about heightened interest, attendance, and viewership, ultimately boosting income for UNC athletics.

Consider the NFL, which significantly increased viewership with the expansion of legal sports betting in 2021, as evidence. Indeed, although there may be a minor variation in the size, the underlying premise remains the same.

Examining the Triangle region, the presence of local sports teams will stimulate the growth and prosperity of surrounding areas. PNC Arena, the site for N.C. State’s men’s basketball team has recently disclosed plans to use a $300 million investment from the City of Raleigh and Wake County. This investment will be allocated towards expanding the arena, including adding retail and eating areas, residential units, a hotel, and a new indoor music venue.

The Carolina Hurricanes’ owner, Tom Dundon, stated in the press release that “transforming PNC Arena into a year-round attraction for residents” is the objective.

According to Brian Murphy of WRAL, incorporating a sportsbook is another component of these renovations.

The focus is entirely on attraction. Attracting spectators to PNC Arena through sports wagering will benefit the surrounding community and the financial success of the teams performing there, such as the Wolfpack and the Hurricanes.

In the same way, sports wagering will attract both supporters and opponents to Chapel Hill. The potential for leveraging the legalization of sports wagering in North Carolina to support UNC athletics financially is substantial.

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Tags: North Carolina, sports, Sports Betting

About the Author

Dr. Jerry Doby Editor-in-Chief of The Hype Magazine, Media and SEO Consultant, Journalist, Ph.D. and retired combat vet. 2023 recipient of The President's Lifetime Achievement Award. Partner at THM Media Group. Member of the U.S. Department of Arts and Culture, the United States Press Agency and ForbesBLK.