mgm bet north carolina

BetMGM secured market access in North Carolina through a partnership with the Carolina Panthers. They officially launched in the state on March 11‚ 2024‚ alongside seven other sportsbooks.

Legalization and Launch of Sports Betting

North Carolina’s journey towards legal sports betting has been a multi-year process. While retail sports betting was initially allowed at tribal casinos in 2019‚ the broader legalization of online and mobile sports betting took longer. In 2022‚ a bill to legalize online sports betting narrowly failed. However‚ in 2023‚ the state legislature successfully passed House Bill 347 (HB 347)‚ also known as the “Sports Wagering/Horse Race Wagering Act.”

Governor Roy Cooper signed HB 347 into law on June 14‚ 2023‚ marking a significant moment for sports betting enthusiasts in North Carolina. The law granted the North Carolina Education Lottery (NCEL) regulatory authority over the expanded sports betting market.

Following the legalization‚ the NCEL began developing regulations and accepting applications from potential sportsbook operators. A period of negotiations and fine-tuning of the regulations followed‚ including an increase in the tax rate on sports betting revenue from 14% to 18%.

After months of anticipation‚ online sports betting in North Carolina finally went live on March 11‚ 2024. This launch coincided with the highly anticipated “March Madness” college basketball tournament‚ offering fans an immediate opportunity to engage in legal sports betting. The launch of online sportsbooks in North Carolina marked a new era for sports fans in the state‚ providing them with a regulated and convenient way to participate in sports betting.

Available Online Sportsbooks and Partnerships

North Carolina’s sports betting law allows for a maximum of 13 online sportsbooks to operate within the state. This includes up to 11 licenses for commercial operators and one each for the state’s two federally recognized Native American tribes⁚ the Eastern Band of Cherokee Indians and the Catawba Nation.

To secure a license‚ commercial operators were required to partner with either a professional sports team based in North Carolina‚ a professional sports league operating in the state‚ or a designated golf club or motorsports racetrack. This partnership requirement aimed to foster collaboration between the sports betting industry and existing sports entities in the state.

As of July 31‚ 2024‚ eight online sportsbooks have successfully launched in North Carolina after securing partnerships and receiving regulatory approval. These operators are⁚

Bet365
BetMGM (partnered with the Carolina Panthers)
Caesars (partnered with the Eastern Band of Cherokee Indians)
DraftKings
ESPN Bet
Fanatics
FanDuel
Underdog Sports

The remaining licenses are still up for grabs‚ and it remains to be seen which operators will enter the North Carolina market in the future. The Catawba Nation‚ in particular‚ has yet to announce a partner for its online sports betting operations.

Retail Sportsbooks in North Carolina

Prior to the broader legalization of sports betting in 2023‚ North Carolina already had retail sportsbooks operating at its two Cherokee casinos. The first of these opened in 2021‚ offering in-person sports betting to patrons. Following the opening of the Catawba Two Kings Casino in 2021‚ a third retail sportsbook was added in 2022‚ further expanding the state’s brick-and-mortar sports betting options.

Currently‚ three retail sportsbooks are operational in North Carolina‚ all located within tribal casinos⁚

Harrah’s Cherokee Casino Resort (Cherokee)⁚ This casino‚ operated by Caesars Entertainment‚ features a Caesars Sportsbook.
Harrah’s Cherokee Valley River Casino & Hotel (Murphy)⁚ This casino‚ also operated by Caesars Entertainment‚ houses a second Caesars Sportsbook location.
Catawba Two Kings Casino (Kings Mountain)⁚ This casino‚ owned by the Catawba Nation‚ hosts a sportsbook operated in partnership with an as-yet-unnamed provider.

While the 2023 expansion of North Carolina’s sports betting law allows for up to eight more retail sportsbooks to be established at designated sports venues‚ there have been no official announcements regarding specific locations or timelines for their opening. These new retail sportsbooks are authorized at the following locations⁚

Bank of America Stadium (home of the Carolina Panthers)
Spectrum Center (home of the Charlotte Hornets)
PNC Arena (home of the Carolina Hurricanes)
Charlotte Motor Speedway
North Wilkesboro Speedway
Sedgefield Country Club
Quail Hollow Club
A facility operated by a team in a professional sports league not already listed‚ provided that the team announces the location of its home games before January 1‚ 2025.

Sports Betting Options and Regulations

North Carolina’s expanded sports betting law‚ passed in 2023‚ allows for a wide array of betting options‚ covering both professional and collegiate sports. Notably‚ wagering on in-state colleges and universities is permitted‚ a departure from some other states with legal sports betting.

Bettors in North Carolina can place wagers on a diverse range of sports‚ including but not limited to⁚

Major League Baseball (MLB)
National Basketball Association (NBA)
National Football League (NFL)
National Hockey League (NHL)
Major League Soccer (MLS)
Golf (PGA Tour‚ LPGA Tour)
Tennis (ATP Tour‚ WTA Tour)
Motorsports (NASCAR‚ Formula 1)
Mixed Martial Arts (MMA)
Boxing
College Basketball (NCAA)
College Football (NCAA)

The state’s guidelines allow for a comprehensive list of 45 sports that online sportsbooks can feature; However‚ most platforms typically offer around 20-25 sports at any given time‚ focusing on the most popular options. In addition to the variety of sports available‚ North Carolina permits eleven distinct bet types‚ encompassing⁚

Moneyline bets
Point spread bets
Over/under (totals) bets
Parlay bets
Teaser bets
Prop bets
Live betting
Futures bets

The legal gambling age in North Carolina is 21 years old. This age restriction applies to all forms of sports betting‚ including both online wagers placed through licensed platforms and in-person bets made at retail sportsbooks located within the state.

Revenue and Economic Impact

The introduction of legal sports betting in North Carolina‚ both online and retail‚ has brought about a new stream of revenue for the state. This revenue is earmarked for a variety of state-sponsored programs and initiatives.

Under the state’s sports betting law‚ operators contribute an 18% tax on their gross gaming revenue. This revenue is then allocated as follows⁚

A portion of the funds is directed to the North Carolina Problem Gambling Program‚ supporting responsible gambling initiatives.
Significant investment is made in youth sports programs‚ including funding for leagues‚ facilities‚ and travel expenses for youth sports teams.
Financial support is provided to 13 university athletic departments within the University of North Carolina system.
The remaining funds are allocated to the NC General Fund‚ supporting various state programs‚ and the NC Major Events‚ Games‚ and Attractions Fund‚ promoting tourism and economic development.

Early data from the North Carolina Lottery Commission indicates a robust start for the sports betting market. In the initial months following the March 2024 launch‚ wagering handle (the total amount bet) reached significant levels‚ generating millions in revenue for the state. This revenue is anticipated to grow as the market matures and more operators enter the state.

Beyond direct revenue‚ the legalization of sports betting is projected to have a positive impact on North Carolina’s economy. This includes job creation within the sports betting industry‚ increased tourism and entertainment spending‚ and potential partnerships and sponsorships between sportsbooks and local businesses.