Today, June 14, 2023, the North Carolina Governor, Roy Cooper, signed a bill to legalize sports betting in North Carolina starting as early as January 2024. The bill was passed with 69 votes for the bill and 44 votes against. Legislators from both the Republican and Democrat party voted for and against the bill. Most states in the United States have already legalized sports betting, including Tennessee and Virginia. North Carolina is welcoming an entirely new industry to the state, which is expected to have significant returns. North Carolina will benefit from sports betting because "legislation will tax sports wagering at a rate equal to 18% of gross betting revenue minus winnings," according to WCNC.
Within this bill, North Carolina plans to distribute $300k annually to several state universities, including Western Carolina, UNC Charlotte, and Appalachian State, with monies earned from sports betting taxes. Additionally, sports venues like the Spectrum Center, Bank of America Stadium, and Charlotte Motor Speedway can open their own sports books, increasing venue revenue and the surrounding community's tax revenue. In addition to schools within the UNC school system, several state departments will receive additional funding. Governor Cooper has stated that he hopes that by passing this bill, State Legislators will consider using the passing of this bill to increase teacher salaries across the state. There is not an official plan in action for this at the moment. Tennessee, Virginia, and Tribal Casinos in North Carolina are expected to take a major hit with the passing of this bill. Sports betting has been allowed in Tennessee and Virginia for a few years, and North Carolina residents will no longer need to travel across the border to place bets. Events like the Super Bown and March Madness are two events the three parties will feel the effects of this bill. Furthermore, Tribal Casinos in North Carolina are expected to take a major hit since they were the sole provider of sports betting in North Carolina. With sports betting allowed at the start of 2024, interest in North Carolina sports is expected to rise. Spectators are likelier to watch events they are "invested" in, meaning more butts in seats, more tax revenue because of ticket sales, and more online viewers. This also increases the demand for ad space in venues and on TV, which, again, means more tax revenue. Ultimately, allowing sports betting in North Carolina will benefit the state. People already find ways to gamble on sports within the state, so the need for illegal gambling has suddenly dropped significantly. Sports betting is a huge industry that could create thousands of jobs, generate enough revenue for existing venues to upgrade their facilities, and increase state revenue. What do you think about North Carolina passing this bill? Do you think it benefits the state? Hurts it? Let us know in the comments below!
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AuthorDawson Haywood Archives
October 2024
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