North Carolina Sports Betting Bill Advances to Senate Floor

• The North Carolina Senate Finance Committee and Rules Committee approved NC HB 347 on Tuesday afternoon.
• House Bill 347 will now head to the Senate floor for a full vote as soon as Wednesday.

RALEIGH, N.C. – House Bill 347 successfully passed in the North Carolina Senate Rules and Operations Committee on Tuesday, earning the bill a Senate floor vote. The bill needs two Senate votes and House concurrence to bring the bill to Governor Roy Cooper, who is in support of legal sports betting.

Since leaving the House, many key amendments have been made to House Bill 347 through its course in Senate committees.

Key Amendments Made to NC HB

• An increased tax rate from 14% to 18%
• Sports betting operators will not be allowed to deduct promotions from revenue.
• Pari-mutuel wagering on horse racing.
• Removed a historical horse racing amendment approved in Senate Commerce Committee.
• Approved brick-and-mortar sportsbooks at sports stadiums or arenas.

A major motivator for state legislators voting in favor of legal North Carolina sports betting on Tuesday is the outlining of how tax revenue will be spent.

Use of Sports Betting Tax Proceeds

An updated North Carolina house Bill 347 lists key recipients for tax revenue.

$2 million will be annually distributed to the Department of Health and Human Services for gambling addiction education and treatment programs. An additional $1 million will be awarded annually to the North Carolina Division of Parks and Recreation for local government grants and youth sports opportunities.

Another $300,000 will be awarded to support the athletic departments of 13 different North Carolina universities.

Excess proceeds will be distributed to three different groups.

• 20% to support collegiate athletic departments of 10 HBCUs.
• 30% to the North Carolina Major Events, Games, and Attractions fund.
• 50% to North Carolina General Fund.

During the North Carolina Finance Committee meeting, fiscal analysts project a net impact of $9.1 million in year one, increasing to $34.1 million in year five towards the North Carolina General Fund.

If the bill successfully passes through the Senate and House, legal sports betting will launch no more than 12 months after the bill becomes law.

News tags: NC HB 347 | North Carolina | Roy Cooper