North Carolina issues online sports betting licenses to 8 operators, 6 more waiting

North Carolina issues online sports betting licenses to 8 operators, 6 more waiting

Taking a significant stride toward modernizing its gaming landscape, North Carolina has issued online sports betting licenses to eight operators, with six more eagerly awaiting their turn. After passing a law last year that paved way for sports betting, the state established the North Carolina State Lottery Commission to superintend gambling activities. Now, with the issuance of licenses, the State Lottery Commission anticipates the commencement of operations from 11th of March this year, just in time for the start of the Atlantic Coast Conference men's basketball tournament on March 12, 2024.

The eight operators, including industry giants like BetMGM, Bet365, DraftKings, and FanDuel, are set to unleash their services on both mobile phones and computers. The decision allows customers aged 21 and above to register and make monetary deposits, marking a transformative moment for legal sports betting in North Carolina.

Ripley Rand, the Chair of the North Carolina State Lottery Commission, hailed this move as a "major milestone" in setting up a legal framework for sports betting. It is worth mentioning here that the roster also includes the Eastern Band of Cherokee Indians' entity and Caesars Entertainment, adding diverse offerings to the burgeoning sports betting landscape of the state.

A number of other operators are eagerly awaiting their turn as the state has plans to grant a total of thirteen licenses in the near term, providing operators with more opportunities to dive into the dynamic market. The licensing fee stands at $1 million, reflecting the lucrative potential perceived by the operators and the state alike.

Under the new law, the licensees for in-person betting are granted the flexibility to extend their services beyond casinos, although specifics about other potential locations remain under wraps, at last for the time being.

With North Carolina and the District of Columbia now joining the ranks of this thriving industry, sports betting is now available in a total of thirty states in the U.S. A comprehensive analysis of the whole scenario suggests that online sports betting will inject more than $100 million in tax revenues per annum over the period of next five years, promising a significant economic boost for the state. As the digital realm of sports betting unfolds in North Carolina, the stage is set for an exhilarating new era in the state's gaming landscape.

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