State Senators Jim Perry and Paul Lowe have introduced a bill that, if passed, will see North Carolina establish a regulated sports betting industry.
Senate Bill 688 proposes that the state issues 12 sports wagering licenses with mobile-only options available. Large sporting venues would be allowed to open dedicated sportsbooks and partner with established operators.
The bill also proposes that 8% of sports wagering revenue would go to the North Carolina Education Lottery Commission. License fees would be set at $500,000 with renewals priced from $10,000 to $100,000.
The news follows the publication of a report just last week that detailed the impact increased betting opportunities would have on the state. The report, published by Spectrum Gaming, projects state revenues of $350 million from sports wagering alone over the next five years.
North Carolina is a state that is traditionally against the expansion of the existing gambling options, but Sen. Perry stated that it was time to look at all options particularly in the wake of the economic downturn due to the Covid-19 pandemic.
Speaking to the Raleigh News & Observer, Perry said:
“Until someone else brings me some ideas about how to help provide more funding for school construction in rural areas, then I’m looking at every idea.”
The bill is now before a committee for consideration but must be approved and passed through to the House by May 13th.
Image credit: Famartin / CC BY-SA 4.0
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.