CHARLOTTE — The long-awaited online sports betting launch date has arrived nine months after it was signed into law.
Starting Monday at noon, North Carolinians can legally bet on sports teams from their phones.
Channel 9 Sports Director Phil Orban broke down the thrills — and fears — people anticipate that come with sports gambling in the Tar Heel state.
Two major sports events mark the first chances for Carolinians to place online bets. College basketball conference tournaments and March Madness should generate massive tax revenue for North Carolina to capitalize on. Fans are pumped to pour their dollars into their passion after a UNC-Duke showdown on Saturday ended in a Tar Heel sweep.
The state’s fiscal research division estimates a revenue boost of more than $60 million in the first fiscal year. By year four, that number should reach $100 million. Sportsbook operators, including DraftKings and Fanduel, will have to pay an 18% revenue tax.
Eight organizations are currently licensed to operate mobile sportsbooks in North Carolina.
Winners will also have to pay taxes on their earnings. The state considers winnings from gambling as income.
Professionals say gambling could raise interest in local sports teams. The NASCAR Hall of Fame brought in Carolina Panthers legend Greg Olsen to place a ceremonial first bet at noon on Monday.
Dr. Craig Depken is a professor of Economics at UNC Charlotte and has studied sports betting for years.
“Everyone is more of a fan because now we can say ‘I bet on the game, now I’m more interested,’” said Dr. Depken. “It’s fun it makes life more interesting and so maybe our local sports teams get more focus.”
However, the easy mobile access of a new legal vice comes with considerable negatives.
“Yes, there are problems and you need to be concerned about it,” Dr. Depken said. “And you want to keep a lookout for your loved ones and friends, that they’re not getting in trouble.”
The gambling hotline is always open. If you or someone you know is struggling with a gambling addiction, you can call 877-718-5543.
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