It is undeniable that North Carolina sports bettors are crossing over to Virginia for online betting. The exact number of individuals engaging in this activity and the total amount wagered may soon be determined.
Virginia needs to assess the potential impact on its finances as North Carolina, its neighboring state to the south, inches closer to legalizing online sports betting.
Virginia’s ability to attract North Carolina gamblers, who frequently engage in online sports betting after crossing the border, is being questioned due to the ongoing development of numerous casino projects in the southern region of the state.
Legal NC online sports betting would not launch until 2025
There are currently 15 Virginia sports betting apps available for both residents and tourists to choose from. The only limitation on sports betting in Virginia is that wagering on in-state college teams is not permitted.
Online sports betting is permitted in the majority of states neighboring Virginia. Kentucky is preparing to introduce online betting, and North Carolina is currently in the process of passing legislation to legalize mobile sports betting.
Retail sports betting is permitted in North Carolina, with three in-person sportsbooks currently operating. The first is situated at Harrah’s Cherokee Casino Resort in the southwestern region of the state. Another sportsbook can be found at Harrah’s Cherokee Valley River, located a few miles to the east. Both of these sportsbooks are managed by Caesars. The third retail sportsbook, Catawba Two Kings, is situated further east and is in closer proximity to the South Carolina border.
HB 347, the bill that aims to legalize online sports betting in NC, has finally made progress by advancing through committee on May 26, after facing a series of frustrating delays.
Supporters of online sports betting in the state are heartened by the promising advancements, although the outcome remains uncertain. Even if HB 347 successfully passes and gets enacted in the coming months, the commencement of online sports betting is not expected before 2025. This timeline accounts for the necessary establishment of regulations and the granting of licenses, which typically requires a lengthy process lasting a year or more.
Therefore, Virginia can rely on North Carolina residents crossing the border and engaging in online sports betting until at least 2025.
How much revenue would Virginia lose if NC legalizes online sports betting?
Determining the precise figure is challenging, but it is probable that a considerable portion of the online sports betting revenue in Virginia originates from bettors in North Carolina. Numerous variables make it difficult to ascertain an accurate number, despite attempts by certain studies to estimate it.
Using Virginia casinos as an illustration, it has been projected in a recent study that North Carolina might face a potential loss of $259 million to Virginia casinos upon their completion. In response, a proactive initiative led by a state senator from NC aims to establish commercial casinos near the Virginia border. The objective is to retain a portion of those funds within North Carolina’s economy.
Based on the study, it is logical to expect that Virginia will experience a decline in revenue due to the legalization of online sports betting in North Carolina. The exact magnitude of this decline is yet to be determined.
Virginia benefits from having a well-established market.
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