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DraftKings and BetMGM have secured market access agreements for North Carolina betting. This marks a significant step ahead of the state’s legal sports betting market launch. This deal makes it a key US sports wagering market player. Join the action as the state launches legal sports betting. Be part of North Carolina’s rise in the US sports wagering market.
Sports Betting Market Access Agreements
New agreements for both DraftKings & BetMGM Sportsbook improve the expansion of the US sports betting market. NC is set to become the 27th state where gaming operator DraftKings is active. This milestone is significant following recent approval in Vermont. The collaborations with NASCAR and Charlotte Motor Speedway emphasize a shared goal. They aim to boost the fan experience in sports betting.
The state of North Carolina is still finalizing its sports betting rules. Key measures from the bill signed last spring are set to shape the landscape. These measures allow betting across college sports, esports, and any sports matches authorized by the Commission. The tax rate for each license holder’s gross gaming revenue has also been set at 18%. This is a rise from the initial 14% following amendments. Moreover, operators must have a written agreement with a sports team, league, or venue to launch state sports betting. It’s also worth noting that the initial set of rules, published in October, introduced a ban on pick ’em-style daily fantasy sports (DFS) games. The evolving regulatory environment is an important aspect to consider.
DraftKings’ NASCAR Partnership
This has formed a partnership with the NASCAR stock-car racing series. DraftKings becomes NASCAR’s exclusive daily fantasy sports partner in the US and Canada as part of this deal. Additionally, DraftKings will serve as an authorized operator for NASCAR. This will open up a wide range of sponsorship opportunities.
The collaboration between DraftKings and NASCAR is more than a business agreement. It’s a union of shared values and a duty to improve the fan experience. Matt Kalish, DraftKings’ North America president, emphasized shared vision. “DraftKings and NASCAR have collaborated over the years. We look forward to the next chapter in our journey together. We also look forward to offering our leading mobile sportsbook to fans.”
BetMGM’s Charlotte Motor Speedway Deal
BetMGM Sportsbook is entering the market. It has partnered with Charlotte Motor Speedway. This move shows BetMGM’s duty to sports betting in the state. It is consistent with the betting market in NC’s broader expansion.
The company is optimistic about the North Carolina market’s potential. They expect it to be operational before the end of the first quarter. BetMGM CEO Adam Greenblatt expressed confidence in their partnership. He stated that it will deliver top gambling services. This aligns with the needs of North Carolinians and supports different state agencies.
Greg Walter, the executive vice president and general manager of Charlotte Motor Speedway, highlighted the speedway’s innovative history and eagerness to enter the entertainment industry in sports. He thought the partnership with BetMGM would offer new ways for sports fans to have fun. The agreement will help expand the tax base. It will also support the educational sphere. Additionally, it will aid the future recruitment of major sporting events.
Other Partnerships in NC Sports Betting
In addition to BetMGM and DraftKings, more major players are entering the NC sports betting market. Fanatics Sportsbook recently debuted in the state. This marked a notable move in the sports betting and iGaming niche. This sponsorship comes with the release of PointsBet in West Virginia. They have plans for similar changes in six more states.
Bet365 has secured a great partnership. It is the official NBA’s Charlotte Hornets mobile sports betting partner. This strategic move is vital for taking a North Carolina sports betting license. Such a partnership shows bet365’s commitment to the growth of the U.S. sports betting market.
ESPN Bet is an emerging brand. It has gained NC sports betting access through its partnership with Quail Hollow Club and the Wells Fargo Championship. This deal offers market access. It also involves various marketing integrations. It showcases ESPN Bet’s quick moves in securing state strategic partnerships.
FanDuel Group has confirmed its entry into the sports betting scene. It is aligned with the PGA Tour. The new partnership resulted from a legislative change. The change requires sportsbook operators to have agreements with professional sports organizations. This is necessary to apply for a license in NC.
Legal Sports Betting in North Carolina Draws Near
Governor Roy Cooper signed House Bill 347 into law in June 2023. This paper legalized sports wagering into law and pronounced the era of sports entertainment in the state.
Key Developments and Timelines
- Market Access Agreements. DraftKings & BetMGM have signed market access agreements. These agreements are a top priority for the companies. They are preparing to launch sports betting operations in the state. DraftKings will partner with NASCAR, becoming the series’ exclusive daily fantasy partner in the US and Canada. BetMGM, on the other hand, will collaborate with Charlotte Motor Speedway.
- Launch Expectations. A North Carolina sports betting launch date still needs to be set. It could be as early as March 2024. This timeline is contingent on the completion and approval of various regulatory processes.
Regulatory Progress and Operator Applications
- Internal Controls Deadline. The North Carolina State Lottery Commission has set operators’ deadlines. Operators must submit requests by that deadline. This is a necessary licensing process step. The commission is reviewing applications from several prospective operators.
- Sports Betting Rules. The finalization of online sports betting rules is still in progress. The bill establishes rules. It allows bets on college sports, esports, and matches the commission authorizes. Additionally, there’s a tax set at 18% of each license holder’s gross gaming revenue.
Partnerships and Collaborations
- Operator Partnerships. Several operators, including Fanatics Betting and Gaming, are making strides in the market. Fanatics has entered into a partnership with the NHL’s Carolina Hurricanes. This marks its entry into the market for mobile sports betting.
- Testing Laboratories Approval. The commission has also approved Gaming Laboratories International (GLI) and BMM Testlabs to provide gaming equipment, software, and processes.
Final Thoughts
The entry means strong growth in the United States sports betting market. The game features major players such as DraftKings, BetMGM and FanDuel Group, showing a competitive and varied betting environment. This development is expected to have a big economic impact. It could increase state revenue. It could also attract further investment in the sports and entertainment sectors. The market’s success will largely depend on balancing regulatory oversight and the industry’s growth. This balance will control responsible gambling practices. The market is evolving. It suggests that it will continue to adapt and expand. It could set new sports betting industry trends.
