NC House to Tackle Sports Gambling Legislation Next Week
The North Carolina Senate passed the sports gambling legislation that would expand the activity in the state. It will now be in the hands of the House to discuss the bill starting next week. The House majority whip, Representative Jon Hardister, said the bill would likely move on schedule.
The Senate passed SB 688 last August 2021 with a vote of 26-19. However, it got opposition from both parties. Nine Republican and four Democratic senators opposed the bill. According to gambling industry news reports, Senator Michael Garrett, a Democrat from Greensboro, is one of the secondary sponsors of SB 688. However, Gladys Robinson, also a Democrat from Greensboro, opposed it. So, as you can see, the legislation doesn't have clear political backing from either party.
The sports betting bill will face the same challenge in the House. The Judiciary Committee changed the original bill that doubled the license fees to $1 million. Also, it increased renewal fees from $100,000 to $1 million. As a result, the potential revenue increased to around $24 million. However, the proposed fees might turn off operators and suppliers of software for gambling.
NC House to Tackle Sports Gambling Legislation
There are 30 states with live, legal sports betting, as per political news reports. North Carolina is part of the list because it allows four tribal casinos to accept wagers on sports.
Five states are on the move, three have pre-filed bills, and the rest are not chasing after authorized betting. Most Southern states have no sports betting legislation activity.
One reason the bill didn't gain forward momentum in the House is that there were inquiries regarding whether betting would make as much income as it ought to. In 2021, Virginia earned $26.7 million in sports betting revenue.
Representative Jason Saine's bill addresses the potential income of the state. According to Saine, the state could earn $11 million by the 2025-2026 fiscal year. Also, the industry will have a tax rate of eight percent on gross revenue. The bill will also create a new fund known as the North Carolina Major Events, Games, and Attractions Fund.