If you are a gambler and you like sports betting, wait until you hear this. A sports betting bill called SB 688 has already been approved by the Senate. Now, all that is needed now is the approval of the House.
Currently, in the state of North Carolina, there are only two sportsbooks. Both of them are located in North Carolina land-based casinos. If approved, this could expand sports betting in North Carolina drastically. These sportsbooks are located at the Cherokee Harrah’s Casino and Two Kings Casinos. Opening the sports betting market to commercial casinos could benefit the North Carolina state government immensely. This would mean millions of extra tax dollars every year.
Now What?
After the University of North Carolina’s unexpected run to the NCAA men’s basketball finals, supporters of SB 688 will have a strong argument for its legalization. Under SB 688, online betting revenue would be taxed at 8%. The legislative session for 2022 begins May 18 and ends June 30.