North Carolina has become the latest state in the US to legalize sports betting. On Friday, Governor, Roy Cooper, decided to sign S 154 into law, which allows the Eastern Band of Cherokee Indians to offer sports betting services within their two casinos.
Sports Betting Monopoly For Now:
The Cherokee tribe is now the only operator of sports betting in the state with the passage of the bill. The new law places sports betting within the list of authorized games that the tribe can offer via their Class III licensing.
The bill moved forward rather quickly and because there is no need for licensing, the new industry should launch fairly quickly. Lawmakers decided to opt out of including an integrity fee within legislation as well as not creating any type of prohibition against action on specific sports teams or events.
According to Legal Sports Report…
The legislation, which was introduced by Senator Jim Davis, was supported as it made its way through Legislature. However, it did take some time for the House to move the bill forward. With its passage, the Caesars Entertainment Corporation will be at the helm, as the company operates the tribal properties in the state, Harrah’s Cherokee and Valley River.
No Mobile Component:
The new sports betting law limits the industry to the gaming venues. Without a mobile component, it is believed that there is a missed opportunity for revenues. Other states have proven just how imperative mobile wagering is. Take New Jersey for example. The state sees over 80% of their sports bets placed via mobile and desktop.
With online wagering, players can place a wager from anywhere in the state. New Jersey is able to take advantage of both resident and tourist betting with the online component. The earnings potential for North Carolina will be somewhat restricted as players will have to visit a land-based facility to be able to place wagers.