Seven companies involved in online and retail sports wagering have submitted their applications for certification to the North Carolina State Lottery Commission (NCSLC) before the due date, December 27, 2023. The two big-time players are DraftKings and FanDuel, along with BetMGM, ESPN Bet, Fanatics, Bet365, and Underdog Sports. It was in June 2022 when Governor Roy Cooper declared the legalization of commercial gambling.
The NCSLC, which oversees the certification and regulation of the state’s gradually expanding gaming industry, has stated that it takes about three months to examine every aspect of the certification process thoroughly. The law stipulates that everything must be ready by June 15, 2024. On the other hand, Cooper plans to get the ball rolling by March Madness.
North Carolina is known to have two major rivals related to college-level basketball. One is the North Carolina Tar Heels up against the Duke Blue Devils. They come in the 9th and 16th positions on the list of the AP Top 25 polls.
As per the state’s sports wagering laws, sportsbook businesses need to associate with a professional sports team, as well as a space and the PGA Tour or NASCAR.
FanDuel has associated itself with the PGA Tour. The NHL Carolina Hurricanes are in line with the application that Fanatics submitted. ESPN Bet is attached to Quail Hollow Club. Bet365 is negotiating with the NBA Charlotte Hornets.
The rest of the three companies have not divulged any details regarding their choice of associations. However, on the list of prospects are the NFL Carolina Panthers, the National Women’s Soccer League’s North Carolina Courage, as well as the Charlotte Motor Speedway and NASCAR.
Upon approval, sportsbook operators, including online sportsbooks, will have the opportunity to conduct both brick-and-mortar and online sports wagering operations. The one-time certification fee for each sportsbook is $1 million, with an 18% tax rate, contributing to the promotion of college-level athletics. Thirteen schools are set to receive $300,000 annually from this initiative.
Every sportsbook certification costs a one-time fee of $1 million. The rate of taxation will be 18%. The state will use this to promote college-level athletics. A total of 13 schools will get $300,000 per year.
In addition to the seven applications, it is expected that Caesars Sportsbook would apply as a recognized service provider to host an online book representing the Eastern Band of Cherokee Indians. Caesars operates the tribe’s two casinos in the state, Harrah’s Cherokee Casino Resort, and Harrah’s Cherokee Valley River. Cooper must change the state’s Class III gaming compact in order for the tribe to receive online sports wagering certification.
Currently, DraftKings and FanDuel are the two giants of the gaming industry. Recently, Underdog was introduced, which is an imaginative sports and sports book. It has been co-founded by the StarStreet and DRAFT fantasy applications that DraftKings and Paddy Power Betfair took over. It has just received a certification through Ohio. This is having a positive impact on the other smaller players in the state.
