North Carolina pro teams advocate internet sports betting

North Carolina pro teams advocate internet sports betting

After failing in the previous legislative session, North Carolina sports betting enthusiasts will try again next year. 

The state’s pro teams are adopting a different strategy this time. While prior attempts concentrated on telling legislators the advantages of allowing sports betting, talks today appear to be laser-focused on demonstrating to them the downside of not regulating it.

North Carolina betting

Adopting New And Unique Strategy this Time 

Sen. Jim Perry, a Republican from Kinston, co-sponsored the principal sports betting measure. They believe follow-ups were. NHL’s Carolina Hurricanes general manager Don Waddell claimed internet sports gambling is a competitive concern. The Hurricanes announced a five-year lease agreement to stay at PNC Arena until 2028-29. NHL players and owners divide hockey-related earnings 50-50, resulting in a strict salary limit. Waddell said Thursday following a board meeting of the Centennial Authority, which owns PNC Arena. If sales don’t rise, the 50-50 split tilts. For them, it may be 60% gamers, 40% us. The NFL’s Carolina Panthers, NBA’s Charlotte Hornets, and NHL’s Carolina Hurricanes backed the measure, as did Charlotte Motor Speedway. Mugsy Bogues, Dell Curry, and Hornets club president Fred Whitfield all lobbied for legalization.

Next year, support should continue. The idea would have allowed sports institutions, including arenas, the Charlotte Motor Speedway, and PGA Tour golf courses, to create sports lounges, creating a new income source. They are losing this money, therefore they want to show politicians. SB 688, the original measure, and SB 38, a new law that amends SB 688, were introduced in the past session. In June, SB 688 failed 50-51, but SB 38 passed 51-50. SB 38 increased the fees and taxes sports betting businesses must pay. Under the current plan, operators would pay a 15% tax on gross wagering income, less wins, promotional credits, and federal excise tax, with the reduction phasing away in five years. Original draft suggested an 8% tax rate and didn’t terminate promotional credit deductions. Sportsbook operators pay $1 million for licensing applications and renewals.

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Providing Easy Access to Regulated Sports Betting Brands

The bill intended to legalize professional, electronic, and horse racing gambling. Youth sports betting isn’t allowed when the majority of contestants are under 18 or representing preschool, elementary, middle, or high schools. College athletics, which was initially covered, was subsequently cut. Sports betting is authorized in North Carolina only in two Cherokee casinos in the far west, thus most residents don’t have easy access to regulated sportsbooks.

New retail will join the two current ones. Catawba Nation-owned Two Kings Casino in Kings Mountain will open the state’s third retail sportsbook this autumn, before football season. Republicans and Democrats voted for and against the bill in 2021. New legislation must begin in the House, said Perry. Virginia and Tennessee have allowed online sports betting. Estimates before a collegiate sports betting prohibition estimated North Carolina’s betting industry would reach $5 billion per year, with $50 million in tax income.

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.