DraftKings and BetMGM Secure Access in North Carolina

The world of sports betting is buzzing with excitement as DraftKings and BetMGM ink market access deals in North Carolina. These agreements are a significant development as they pave the way for the launch of legal sports betting in the state. Let's delve into the details of these exciting partnerships.

DraftKings has teamed up with Nascar, the renowned stock-car racing series, in a game-changing agreement. Under this deal, DraftKings becomes Nascar's exclusive daily fantasy sports partner in the US and Canada. This partnership also grants DraftKings the status of an authorized gaming operator of Nascar, along with additional sponsorship benefits.

Pending regulatory approvals, North Carolina will soon become the 27th state where DraftKings operates, following its recent approval in Vermont. Matt Kalish, DraftKings' North America president, expressed enthusiasm, stating that they are committed to enhancing the fan experience and bringing their mobile sportsbook to North Carolina.

BetMGM, the joint venture between MGM Resorts and Entain, is teaming up with the Charlotte Motor Speedway, a prominent racing venue in Concord, North Carolina. Their partnership is set to offer North Carolinians a premier and responsible gaming product, pending regulatory approval. BetMGM CEO Adam Greenblatt believes this collaboration will benefit various state agencies.

Greg Walter, executive vice-president and general manager of Charlotte Motor Speedway, highlighted the importance of this partnership in expanding North Carolina's tax base, supporting colleges, and attracting major sporting events.

While an official launch date for legal sports betting in North Carolina has yet to be announced, the state has been making significant progress. Governor Roy Cooper signed House Bill 347 into law in June, officially legalizing sports wagering. The North Carolina State Lottery Commission has approved sports betting licensure applications, moving the state closer to launching legal betting.

However, the timeline for the market opening depends on several factors, including the application process duration and regulatory review. The Commission has 60 days to review each application, with operators having 10 days to make necessary changes. This progress, combined with DraftKings and BetMGM securing market access, suggests that the Q1 launch date could become a reality.

While the market access agreements are promising, North Carolina has yet to finalize its sports betting rules. The initial bill outlined certain measures, including authorization for college sports, esports, and other sports matches, with a tax rate of 18% on gross gaming revenue. The rules have evolved, with adjustments made in the senate.

Additionally, operators are required to have written designation agreements with sports teams, leagues, or venues to launch sports betting services. Notably, an initial set of rules published in October prohibited pick'em-style daily fantasy sports (DFS) games.

As North Carolina moves closer to the launch of legal sports betting, all eyes are on the state's regulatory progress and the exciting opportunities these developments will bring to sports fans and operators alike. Stay tuned for further updates as this promising market continues to take shape.