By Alan Wooten, The Center Square
Raleigh – Gov. Roy Cooper is expected to soon sign into law a bill that lifts North Carolina into the states with legalized sports wagering.
The House of Representatives cast the final vote needed June 7, 68-45 in favor. Analysts vary on how much tax revenue the state should expect, and Cooper has slotted $60 million into his 2024-25 state budget proposal.
A fiscal note estimates total sports wagering tax and fee revenues at $22.1 million in fiscal year 2023-24; and $100.6 million in 2027-28. The Center Square accessed Spectrum Gaming Group for analysis on per-capita income and spending patterns in eight states with legalized sports betting, which yielded a forecast of about $263 million in revenue by the third year.
The fiscal note predicts annual betting by 2027-28 at $7.2 billion, with operators grossing $585 million in gaming revenue.
North Carolina has legal sports gambling at three tribal casinos operated by two American Indian tribes, including Harrah’s Cherokee Valley River Casino & Hotel in Murphy. The momentum for change has undercurrents in offshore and underground betting.
Consensus analysis pegs a January opening date, though the legislation language is clear for within 12 months of gubernatorial signing – meaning by next June. Once filed, Cooper has 10 days to sign or allow the legislation to become law; date of filing is Day 0.
The Senate – final bipartisan vote was 37-11 – took what the House had passed in March and added horse racing and increased the state’s tax capture from 14-18 percent of gross betting revenue minus winnings.