The Dawn of Sports Betting in North Carolina

On June 14, 2023, Governor Roy Cooper signed House Bill 347 into law, paving the way for both retail and online sports betting in North Carolina. Even though retail betting was already available at three tribal casinos, the introduction of online betting is now expected to revolutionize the gambling industry in the state.

Navigating the Path to Legalization

The path to legalization of sports betting was a long and complex one. The discussion around expanding sports betting gained momentum in 2021, and legislative actions such as the introduction of SB 688 were taken to broaden sports betting opportunities.

However, it wasn’t until HB 347 was passed that online sports betting became a reality, and it was placed under the regulatory oversight of the North Carolina State Lottery Commission. Since then, the commission has played an essential role in licensing operators, establishing regulatory standards, and ensuring a safe and responsible gambling environment.

Operators Going Live and Strategic Partnerships

As the market goes live, a select group of operators, including industry giants like FanDuel, BetMGM, and DraftKings, have been licensed to offer their services. These operators have forged significant partnerships with local sports entities to solidify their presence in the market:

• Bet365 has partnered with the Charlotte Hornets, marking a significant entry into the market.
• BetMGM brings its offerings in collaboration with Charlotte Motor Speedway.
• DraftKings leverages its partnership with NASCAR to attract racing enthusiasts.
• ESPN Bet makes its mark through an alliance with Quail Hollow Club, a prestigious PGA tour venue.
• Fanatics Sportsbook teams up with the Carolina Hurricanes, tapping into the hockey fanbase.
• FanDuel has dual partnerships with the PGA Tour and the Carolina Panthers, broadening its reach across golf and football fans.
• Underdog Sports joins the fray with a partnership with Sedgefield Country Club, another PGA tour venue.
• Caesars fortifies its position through a partnership with the Eastern Band of Cherokee Indians.

The Potential of ESPN Bet and Bet365

ESPN Bet’s launch in North Carolina is viewed as a significant test of its brand partnership strength. Analysts from Deutsche Bank suggest that the brand’s performance in this new market could reshape perceptions of its potential, particularly if it manages to capture a 10% market share.

Similarly, Bet365’s aggressive investment strategy positions it for long-term success in the Tar Heel state, despite the stiff competition from market leaders.

North Carolina’s entry into the sports betting market is notable, not just for its comprehensive approach to legalization and regulation but also for its timing. It stands as potentially the only state to introduce sports betting in 2024.