North Carolina Sports Betting Launch Update: Eight Sportsbooks Set to Go Live March 11
With North Carolina sports betting set to go live on March 11, 2024, sportsbook operators and local residents alike are preparing for the launch of legalized, online gambling in the state. Pre-registration is scheduled for March 1. Between platform options and projected tax revenue, here are some things to note before the day arrives.
Eight Sportsbooks to Launch in North Carolina on March 11
For a sportsbook to obtain licensure in North Carolina, it must partner with a professional sports team, sports venue, sports league, or tribal gambling venue in the state. Currently, 11 entities meet this criteria, meaning the state has the bandwidth for 11 online sportsbook platforms.
Heading into launch day, however, only eight operators have secured a requisite partnership.
- DraftKings via a partnership with NASCAR
- FanDuel via a partnership with the PGA Tour
- Bet365 via a partnership with the Charlotte Hornets
- BetMGM via a partnership with Charlotte Motor Speedway
- Caesars via a partnership with Harrah’s Tribal Casinos
- Fanatics via a partnership with the Carolina Hurricanes
- ESPN Bet via a partnership with Quail Hollow Golf Club
- Underdog via a partnership with McConnell Golf
North Carolinians Can Bet on March Madness
The launch of sports betting in North Carolina coincides with the beginning of conference tournament play in men’s college basketball. The ACC tournament — which includes local teams such as UNC, Duke, NC State, and Wake Forest — starts the day after the launch of North Carolina sports betting on March 12. The NCAA tournament (March Madness), meanwhile, commences six days after the launch on March 17.
As of right now, Duke and North Carolina are slated to be the top two seeds in the ACC tournament and among the top three seeds in the NCAA Tournament.
Perhaps more important — for operators and public education in the state, at least — March Madness serves as the biggest betting event of the year in the United States. In 2023 alone, the American Gaming Association estimates that upwards of $15.5 billion was wagered on the event. This number is expected to grow in 2024.
Sports Betting Expected to Generate Over $60 Million in Tax Revenue
The North Carolina General Assembly’s Fiscal Research Division estimates that 64.6 million to be generated in tax revenue during the state’s first year of legalization.
This money has been earmarked for expenditures in higher education and youth athletics.
After the North Carolina Department of Revenue pays $500,000 to the North Carolina Lottery Commission to reimburse them for any costs incurred during their collection process, the tax revenue will be distributed as follows:
- $1 million to the North Carolina Outdoor Heritage Advisory Council for grants to assist sports teams with travel expenses and incentive grant to attract sports events for nonprofessional athletes
- $1 million to North Carolina amateur sports organizations and nonprofits — must be used for equipment or facility upgrades
- $300,000 each ($3.9 million in total) to 13 university athletic departments
- $2 million for gambling treatment services
The universities who will see contributions to their athletic departments are Appalachian State University, East Carolina University, Elizabeth City State University, Fayetteville State University, North Carolina Agricultural & Technical State University, North Carolina Central University, University of North Carolina at Asheville, University of North Carolina at Charlotte, University of North Carolina at Greensboro, University of North Carolina at Pembroke, University of North Carolina at Wilmington, Western Carolina University, and Winston-Salem State University.
All of the remaining proceeds will be split up as follows:
- 50 percent to the North Carolina’s General Fund
- 30 percent to the North Carolina Major Events, Games and Attractions Fund
- 20 percent distributed equally to the aforementioned 13 universities for additional athletic department funding
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