North Carolina sports betting
North Carolina is one of the states where reputable betting operators have established their businesses and more are expected to launch soon. Residents have shown they enjoy placing wagers on sports. This article provides you with everything you need to know about North Carolina sports betting. Read on.
Can I place a bet legally on sports online in NC?
Governor Roy Cooper signed a law that allowed retail sports betting in North Carolina on July 26, 2019. Thus, NC residents can place bets on their favorite sports on legalized retail sportsbooks.
As of May 2022, the state is still working on legalizing online sports betting. However, if you are a resident of the state, you won’t have to wait longer because Senate Bill 688, focusing on mobile wagering, is already in progress.
This North Carolina sports betting bill has passed several stages and only a few are left. Therefore, experts predict that by the end of 2022, North Carolina punters will be placing bets online.
Expected sports betting sites in North Carolina
Renowned betting sites are ready to launch in North Carolina. Here are examples of top sports betting sites expected to offer services to NC residents.
DraftKings North Carolina
Founded in 2012, DraftKings is one of the renowned names in the sports betting industry. The sportsbook is currently not available in North Carolina, but it’s expected to launch once online betting is allowed. However, its daily fantasy sports platform is operational in the state. Download the fantasy sports app and place bets on fantasy leagues. You should consider opening an account with DraftKings when its sports betting site is legalized in the state. This is because it is a safe platform that values fairness and credibility.
Moreover, this sportsbook allows clients to place bets on numerous markets. This includes soccer, football, basketball, baseball, golf, darts, tennis, and UFC, among others. Moreover, you can place bets on college games, including basketball, baseball, and hockey. If you are a beginner, DraftKings offers a betting guide for all markets to help you find your way around. DraftKings provides its clients with decent odds to help them create huge wins. Besides, they offer you competitive odds for major tournaments like the Super Bowl and NFL Playoffs.
In addition, this sportsbook has live streaming and betting features. This allows punters to wager and watch live actions. Another incredible feature is cash out, which allows customers to withdraw existing winnings before a game or event ends. DraftKings has a sportsbook app found on App Store and Google Play. Hence, you can place and manage bets from any location.
Caesars North Carolina
Caesars is the first sportsbook to be legalized in North Carolina. The sportsbook has two locations, both part of tribal casinos. They are Harrah’s Cherokee Casino Resort and Harrah’s Cherokee Valley River. Since online sports betting is still not legalized in North Carolina, you can visit these locations and place bets under the Caesars platform. You’ll be allowed to place bets on all sports markets offered by the sportsbook.
When the state allows online betting, you should consider Caesars sportsbook as it has a reliable app that loads and open faster. Besides, it is easy to navigate both the great sports betting app and website versions of the operator. Another reason to choose Caesars is its loyalty club. The Caesars Rewards program gives clients points when they place bets. You’ll be under a particular tier based on the number of credits you collect. In addition, you can redeem these points to pay for dining, accommodation, and entertainment in select locations listed on the operator’s website.
FanDuel North Carolina
The gambling industry has experienced major improvements through FanDuel. This sportsbook offers quality services to bettors to improve their experience. Thus, you can expect it to enter the North Carolina sports betting industry. Nonetheless, like DraftKings, FanDuel’s daily fantasy sports site is in operation in North Carolina.
FanDuel allows clients to bet on several sports markets. Examples include soccer, football, boxing, hockey, horse racing, motorsports, golf, and so on. Moreover, the sportsbook has different betting options, allowing clients to make the right moves in different scenarios. Hence, it’s a great platform to consider having an account.
BetMGM North Carolina
In the gambling industry, BetMGM can’t miss being listed among the top online sportsbooks due to its exceptional features. Formed through a partnership between MGM Resorts and Entain Holdings, this sportsbook has earned a name for itself in the industry. The sportsbook is already in operation in several states, including North Carolina’s neighbors Virginia and Tennessee. Therefore, it is one of the expected sites in NC.
BetMGM is another sportsbook respected for its loyalty program. The BetMGM Rewards program gives clients points when they place bets or play games on its casino platform. You can use these points to get free bets. The sportsbook has another program called MGM Rewards, a loyalty program for MGM resorts. Credits from this program can be redeemed to pay for dining, accommodation, concerts, complimentary self-parking, and many other perks.
The latest news on online sports betting in NC
North Carolina sports betting experiences developments as days go by. The following is the latest news on online sports betting in NC.
May 23, 2002
Online sports betting in North Carolina could be live by football season. Legislative supporters say that bettors in the state could be placing wagers by 2022’s football season if lawmakers pass the bill sooner. According to sources, Senate Bill 688 has enough support to pass the House in the new legislative session. In an interview with WRAL, the bill’s sponsor, Senator Paul Lowe, D-Forsyth, stated that the house wants to be sure they have enough votes. He added that he was confident about this happening.
Online gambling supporters say that the approval of online sports betting in the state will lead to millions of dollars of gambling-related revenue every year. For example, Virginia legalized online sports gambling in January 2021 and has already collected $26.7 million in taxes. Moreover, this move will eliminate the use of offshore sites. Lowe said that NC citizens are contributing a lot of revenue to other areas through the offshore sites which are unsafe.
May 18, 2002
The North Carolina General Assembly assembles for its 2022 legislative session. Lawmakers hold a meeting for a month and a half to discuss the progress of online betting in the state. The lawmakers were optimistic about passing this bill.
May 11, 2022
Mobile sports betting discussions are in progress with the legislative session around the corner. The 2022 legislation session starts on May 18 to June 30, and house lawmakers are optimistic about online gambling being legalized. Ches McDowell, a lobbyist who represents Churchill Downs, MLB, the Charlotte Hornets (NBA), and PGA Tour, stated that he believes there is a good chance of the bill passing.
In August 2021, the bill passed through the senate by a 26-19 vote. With these numbers, lawmakers are positive that votes to pass it through the House are there. Besides, in February 2022, Governor Cooper said that sports betting is in the market, and it would create technology jobs and other employment types for North Carolina. Thus, people hope for the best.
April 21, 2022
The future of North Carolina sports betting. A Spectrum News/IPSOS did a poll that revealed 36% of registered voters who were interviewed support the bill to legalize online sports betting in NC, 39% oppose, and 25% didn’t have an answer. This news shows that residents have different opinions regarding this subject.
According to Tony Pease, one of the people who created GoodBeakey, sports betting app in NC, legalizing online sports betting would bring benefits to the state. He believes that if sportsbooks are regulated and legislated, the community would benefit. GoodBeakey is allowed to operate in the state because it’s a philanthropy platform. People don’t win money. When you deposit, you’ll have fun placing wagers, but your money will go to charity.
April 12, 2022
The majority support the legalization of online sports betting in North Carolina. WRAL News released poll results that showed that 52% of respondents wanted online gambling to be legalized in NC. Of all these respondents, men are more than women. A significant percentage of people who earn less than $40,000 a year were against online betting being allowed in the state.
Who oversees online sports betting in North Carolina?
The North Carolina Lottery Commission regulates sports wagering in the state. This body oversees the actions that occur at the two legalized physical casinos mentioned above. If Senate bill 688 is successful, the commission will regulate all the betting sites that will enter the North Carolina market. The commission will offer not less than 10 but not over 12 licenses to online gambling operators.
This body has strict guidelines that all licensed sportsbooks must adhere to. Therefore, you can be certain that you’ll be safe when placing bets. For instance, sportsbooks must protect clients’ personal information and activities. Failure to do so may lose their license.
A guide to taxes for online sports betting in NC
Both bettors and sportsbooks that will be licensed to operate in NC will pay taxes. First, operators will pay an initial license fee of $500,000. The licenses will be valid for five years, after which, they will pay renewal fees. In addition, these companies will pay 8% of adjusted gross revenues as tax. Half of the tax the state collects from all operators will fund newly created events and games.
Now let’s talk about how you’ll be taxed. According to the Internal Revenue Service (IRS), all gambling winnings are fully taxable. This means that you need to report them in your tax returns. Your chosen sportsbook will report your winnings when they are above $600. But you still have to include this information when filing your taxes. This can be confusing. You’ve probably heard people say winnings below $600 are not taxed. However, this is not the case.
Any winnings made from sportsbooks or fantasy qualify for taxation. The difference is when you win above $600, both you and the operator will report. Consequently, under no circumstance should you underreport your winnings. Also, of course, winnings above $600 face a slightly higher tax. Most of the time, they are subjected to a 24% withholding tax rate.
You’ll receive a Form W-2G from the payment company you chose to receive your winnings. But this will depend on the nature of your bets. You may also receive a 1099-MISC or a 1099-K.
So, how do you report your winnings? All gambling winnings are reported on Form 1040, Schedule 1, Line 8. Choose “Other income” and include your winnings information. In some instances, the IRS will allow you to use Schedule A and deduct upfront stakes. This option will not be available to you if you opt for a standard deduction. Note that some sportsbooks may withhold the tax during payout. This can ease your work when filing taxes.