Online sports betting is now legal in NC. Here’s what you need to know to get started
North Carolina passed a bill last summer that allows up to 12 legal online sportsbooks and eight in-person sportsbooks to operate at professional sports venues in the state. The law became effective on Jan. 8, 2024, but it will still be awhile before sports betting goes wide in the state.
The bill, which Gov. Roy Cooper signed into law, allows residents over the age of 21 to bet on professional and college sports by computer, mobile app or in-person.
So far, seven sportsbooks have applied for licenses to operate in the state, including Bet MGM, Draft Kings, ESPN BET, Fanatics and Fanduel, WCNC reported.
Until those licenses are granted, sports betting in North Carolina for those over the age of 21 is legal at three sportsbooks located at tribal casinos in the state.
If you’re new to gambling, or just need a refresher, here are some things you’ll need to know to get started.
What is a moneyline bet?
Moneyline bets are placed when you pick the winner of a game, according to Sports Illustrated.
For example, if you placed a bet on the Tampa Bay Buccaneers to beat the Carolina Panthers on Sunday, then you would have won money.
Plus & minus: How much money would you win?
Sportsbooks list the offerings for moneyline bets with plus and minus signs, which tell you what your payout will be if you win your bet.
“If you see a minus sign next to your bet, your payout will be less than 100% of your initial investment if you win the bet,” Sports Illustrated says. “If you see a plus sign, your payout will be more than 100% of your initial investment.”
The minus sign on a moneyline bet also indicates that a team is favored, or expected to win, while a plus sign indicates the underdog.
The formula: How to calculate potential winnings
You can calculate your potential profit from a bet using this formula: Potential profit = wager x (odds/100)
For example, the odds from ESPN BET showed the Panthers moneyline at -110, and the Buccaneers moneyline at +110.
If you bet $100 on the Bucs, you would have received a -110 payout, meaning your profit would have been $90.90, and your total payout would have been $190.90.
However, if you bet on the Panthers on the moneyline at -110 (and they won) you would have made 1.1 times or 110% of your initial investment. So, if you bet $100 on the Panthers, you would have made a profit of $110, and your total payout would have been $210.
How do you bet the over/under?
An over/under wager is when you bet that one or both teams will score more or fewer points than the number assigned by sportsbooks, The Washington Post reported.
The point total is usually listed after the point spread with an “o” or “u” displayed in front of a number.
For example, the total for the Panthers-Bucs game was 41.5 points, meaning if you bet the over, you thought the teams were going to combine to score at least 42 points, but if you bet the under, you thought the teams would score 41 points or fewer. Point totals are listed as decimals to ensure one side wins, according to Sports Illustrated.
Since the final score of the game was 9-0 in the Bucs’ favor, you would have won money if you bet the under.
What is a point-spread bet?
A point-spread bet is when you place money on a team to win by a certain number of points.
For example, the Bucs were five-point favorites to beat the Panthers. Since the Bucs beat the Panthers by nine points, you would have won money. But if they won by four points or fewer, or if they lost, you would have lost money.
If you bet on the Panthers, they would have had to win the game or lose by four points or fewer for you to win money.
What is a parlay?
A parlay is when you combine multiple wagers into a single bet.
For example, if you parlayed the Bucs moneyline and the Saints moneyline on Sunday, you would win more money (since both teams won) than by just betting on one or the other.
