Noticias de ultima
  • 12.00 EGT Digital and PublicWin: A successful combination in Romania
  • 12.00 EGT and EGT Digital will be platinum sponsors of Casino Operations Summit for second year in a row
  • 12.00 Meet Vainaboa: a new Pay4Fun integration
  • 12.00 BOO! Beat: Music and Mystery with WorldMatch
  • 12.00 The CPI of Sports Betting approves plan and calls Botafogo's Textor
  • 12.00 Massachusetts Gaming Commission published revenue figures for casino and sports wagering for March
  • 12.00 Controversy in the NBA: Jontay Porter bans for violating gambling policy, betting on games
  • 12.00 March: PA Achieves Another Record in US Online Casino Revenue, Surpassing $233,1 M
  • 12.00 Restrictions on online gaming advertising in Madrid to be reviewed
  • 12.00 Uplatform nominated for AffPapa iGaming Awards 2024

Approval of sports betting in North Carolina signify a promising economic enhancement

Monday 26 de February 2024 / 12:00

2 minutos de lectura

(North Carolina).- North Carolina’s legalization of sports betting will impact various sections of the state, including the economy. It offers many benefits, from increasing state revenues to enhancing community and educational programs. It shows the state’s forward-looking approach to seizing new economic opportunities and setting a regulatory framework that aligns with contemporary gambling practices.

Approval of sports betting in North Carolina signify a promising economic enhancement

The approval and development of sports betting legislation in North Carolina signify a promising avenue for economic enhancement,

The legislative journey to this point was marked by the passage of House Bill 347, a crucial piece of legislation that garnered bipartisan support and was signed into law by Governor Roy Cooper on March 28, 2023. This law underscores North Carolina’s commitment to modernizing its gambling laws. It sets a strategic launch date for sports betting operations to commence on January 8, 2024, aiming to capture the heightened engagement of the college football championship season.

The careful crafting and timely implementation of House Bill 347 reflect North Carolina’s forward-thinking strategy to integrate sports betting into its economic landscape, promising a future of growth and responsible gambling practices.

Tax Revenue Generation

With the passage of House Bill 347, North Carolina is on the brink of harnessing a significant new source of tax revenue through sports betting, an opportunity already seized by states like New York, Indiana, and Ohio. These states have seen substantial tax revenues from sports betting, with New York alone generating $188.53 million in one quarter of 2023. The legislation, imposing a 14% tax on sports wagering operators, places North Carolina in a strong position to generate considerable financial benefits.

The potential for North Carolina is vast, considering the success stories from other states. The influx of tax revenue from sports betting could support a wide array of state resources. As North Carolina sportsbooks go live, North Carolina could see a significant boost to its economy, drawing valuable lessons from the financial windfalls experienced by states like New York, New Jersey, and Ohio, thereby marking a strategic entry into the growing market of legalized sports betting​​.

Funding Educational and Public Programs

The tax proceeds from sports betting are earmarked for diverse and impactful allocations. A portion of the revenue is designated for the North Carolina Department of Health and Human Services, specifically targeting gambling addiction education and treatment programs, thereby addressing the societal impacts of gambling.

Moreover, funds are also allocated to the North Carolina Division of Parks and Recreation and various North Carolina universities, enhancing youth sports and collegiate athletics, respectively. These allocations support the direct beneficiaries and contribute to the broader community by promoting sports and education​​.

Economic Impact

The economic and community impact of legalizing sports betting in North Carolina could mirror the positive outcomes observed in other regions, where legalized sports betting has led to substantial economic growth, job creation, and enhanced community initiatives. Legal sports betting in America is poised to become a significant industry, with estimates suggesting it could generate $8 billion in local taxes, create hundreds of thousands of jobs, and add $22.4 billion to the gross domestic product. These figures reflect the broader economic benefits of sports betting, including increased total economic output and contributions to the US gross domestic product​​.

The legalization of sports betting has a far-reaching impact on job creation, not only within the industry through direct employment opportunities such as oddsmakers, sportsbook operators, and customer service representatives but also in related sectors like hospitality, security, finance, and technology. The need for regulatory bodies and legal frameworks further expands job creation to legal and compliance roles. The marketing and advertising campaigns associated with sportsbooks also generate additional employment in digital marketing, content creation, and public relations​​.

Tourism, too, benefits significantly from sports betting, with major sporting events attracting visitors who contribute to local economies through spending on accommodations, dining, and other attractions. This influx of tourists supports local businesses and can increase revenue for a wide range of service providers. Sports betting venues themselves become attractions, offering a comprehensive entertainment experience that draws visitors. The economic boost from sports tourism extends to tax revenue generation, which can support public services and infrastructure development, benefiting the broader community​​​​.

Moreover, the global perspective on the economic impact of sports events, including sports betting, underscores the potential for significant financial investment and job creation, with examples from around the world illustrating the transformative power of major sporting events on local economies. The U.S. experience since the legalization wave began in 2018 has shown that regulating sports betting can steer considerable revenue into state budgets, supporting thousands of jobs and contributing to the vibrancy of local economies​​.

The approval and development of sports betting legislation in North Carolina signify a promising avenue for economic enhancement, community support, and the responsible integration of modern gambling practices. The careful allocation of generated revenues towards educational, community, and health-related initiatives exemplifies a forward-thinking approach to leveraging the benefits of sports betting while mitigating its risks.


By Chris Bates


Tags: Sin tags

País: United States

Región: North America



09 de April 2024

Fast Track pushes innovation and customisation in the iGaming industry at GAT Expo 2024

(Cartagena de Indias, Exclusive SoloAzar) - At GAT Expo Cartagena 2024, Fast Track stood out with its innovative CRM solutions designed specifically for the iGaming industry. Muriel Le Senechal, Solutions Consultant at Fast Track spoke about her good experience at the show, the exceptional feedback at Fast Track's booth, which impressed visitors with its real-time data integration and AI and finally reflected on GAT's 25th anniversary as an evolution in the Latin American gaming industry.

Thursday 18 Apr 2024 / 12:00

Rocío Moitino from AIR DICE: “GAT has developed into a key event for the industry”

(Cartagena, SOLOAZAR Exclusive).-After AIR DICE's visit to the twenty-fifth edition of GAT Expo Cartagena 2024 Rocío Moitino, the company's Sales Director, reviews with us the highest points of the successful exhibition that took place at the Center of Las Américas Conventions, Cartagena de Indias, Colombia.

Wednesday 17 Apr 2024 / 12:00

NOVOMATIC was the epicenter of innovation and entertainment at GAT Cartagena

(Gumpoldskirchen).– GAT Expo, one of the flagship events of the Latin American gaming industry, commemorated its 25th anniversary from April 9 to 11 at the Hotel Las Américas in Cartagena de Indias. As a platinum sponsor, NOVOMATIC dazzled with a superb display of solutions, led by the NOVOMATIC Gaming Colombia team, the local subsidiary of the Austrian Group, and with the participation of renowned executives from Peru, Serbia, Austria and Ecuador.

Wednesday 17 Apr 2024 / 12:00


Para suscribirse a nuestro newsletter, complete sus datos

Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.