They were optimistic last year, only to see a sports betting bill crash one vote short, but this time proponents think the chances have never been better in North Carolina.
After approval by the House on May 24, the Senate Commerce and Insurance committee approved the bill with some amendments. Participating companies would buy licenses from the state.
A single license goes for $1 million, followed by an 18 percent “privilege tax” on income, although the Senate did not include any of that possible revenue in its recent budget bill (the House had).
Revenue would be earmarked for historically black colleges and universities (HBCUs), treatment of gambling addiction, a grant program for parks and recreation departments in all 100 counties to buy equipment and build facilities and a program to attract tournaments and events. The House version has a 14 percent rate.
The state could earn more than $60 million a year.
“We often lag behind the rest of the nation,” Sen. Timothy Moffitt said in pitching the bill to the committee. “But folks in North Carolina are participating. … Betting on sports in our state is occurring, and in order to benefit from that betting, we need to pass this bill.”
The next step is the Senate Rules Committee, which could move it to the floor by early June. If the Senate version goes through the House would need to pass the amended version before Governor Roy Cooper signs the bill into law.
