North Carolina’s Senate Adds Horse Racing to Betting Bill
The North Carolina Senate has altered a House sports betting bill to add horse racing wagering and increase the sportsbook tax rate. [Image: Shutterstock.com]
The North Carolina Senate has added provisions for horse racing wagering to a House sports betting bill and increased the tax rate on sports betting revenue from 14% to 18%. This amended version made it through the Senate commerce committee on Wednesday, but will still need to go through another two committees and a floor vote.
the issuance of as many as a dozen online sports betting licenses
If the bill is ultimately passed, it would authorize the issuance of as many as a dozen online sports betting licenses. Retail betting would be possible at professional sports stadiums, arenas, and auto racetracks. A separate licensing arrangement would be in place for parties that want to offer horse racing betting. Customers would need a separate account to place these types of bets.
The House version of the bill, which estimates that the sector could generate around $40m in annual tax revenue by the middle of 2028, received approval in March.