North Carolina Sports Betting Bill Getting Second Look
Published October 9, 2021 by Sol FH
A bill that seeks to legalize and regulate sports betting in North Carolina has been forwarded to the Committee on Commerce.
Senate Bill 688 has been re-referred to the North Carolina Committee on Commerce after being withdrawn from the Committee on Rules, Calendar, and Operations of the North Carolina State House.
The bill first saw light on April 7 and passed its first reading on the following day. Then, things went stagnate and for months there was no activity. The first house reason was on August 25.
The bill outlines that the industry for North Carolina will be among 10 and 12 authorized operators that will offer sports wagering.
The Cost of Doing Business
Applicants for an online sports wagering license, which allows them to offer or receive sports wagers, will cost operators a licensing fee of $500,000.
There will also be a tax rate of 8% on adjusted gross revenue, which will apply to all of the applicants.
The bill also allows a service provider license, which will also come with a more modest fee of $25,000.
All licenses will be valid for five years.
A renewal application will cost $100,000 and will be required to submit 60 days prior to the end of the 5 years.
Mobile sports betting will be required to be offered on or within 1 mile of the venue.
There are only a few more bureaucratic steps on the road to online gambling in North Carolina. If the Committee on Commerce approves the bill, it will move to Judiciary 1. If Judiciary 1 votes yes, the bill will be sent to the Committee on Finance.
Finally, if the Committee on Finance approves the bill, it will move to the Committee on Rules, Calendar, and Operations of the House.
