North Carolina is set to significantly expand its gambling landscape after Gov. Roy Cooper signed legislation authorizing regulated sports betting and horse racing. The new law, enacted at a ceremony held at the Charlotte Hornets' Spectrum Center, could see betting operations commence as early as January 8, 2024, but no later than June of that year.

This landmark legislation is projected to generate substantial revenue for the state, create new employment opportunities, and potentially bolster North Carolina's professional sports franchises. Gov. Cooper hailed the move as a historic moment with long-term economic benefits for the state.

The law empowers the North Carolina Lottery Commission to grant up to 12 interactive sports wagering licenses, facilitating mobile and online betting for registered users. Additionally, eight in-person betting venues linked to stadiums, arenas, golf courses, and racetracks could be established, allowing adults 21 and older to place cash bets on professional, collegiate, and Olympic sports.

With this move, North Carolina becomes the 28th state to authorize or implement mobile sports betting, according to the American Gaming Association. Separate licensing and accounts will govern horse racing gambling.

Currently, legal sports betting in North Carolina is limited to three tribal casinos. The expansion comes as neighboring states like Tennessee and Virginia already offer mobile sports betting, drawing North Carolina residents across state lines to wager. Proponents argue that regulating and taxing sports betting is the most effective way to manage gambling activities that previously occurred underground or through offshore accounts.

While the bill faced opposition from a coalition of social conservatives and liberals concerned about the potential societal impact of increased gambling, supporters, including lobbyists for legal sports wagering providers and professional sports franchises, successfully garnered enough legislative support to pass the measure this year after a narrow defeat last year.

The legislation imposes an 18% tax on gross betting revenue, excluding distributed winnings. Legislative projections anticipate over $100 million in annual sports betting tax revenue within five years, netting $71 million for the state. A significant portion of this revenue will be allocated to local, regional, and state athletic initiatives, University of North Carolina system athletic programs, and problem-gambling programs. Gov. Cooper expressed his hope that future proceeds could also benefit public education.

The law also grants the commission authority to establish regulations for live horse racing.