Sports betting: NC is leaving money on the table. Let’s turn that into revenue. | Opinion
Editor’s note: A bill to legalize sports betting passed the N.C. House this week and is headed to the Senate. We asked legislators with differing views to weigh in on it. This op-ed presents arguments for the bill. The opposing view can be found here.
Thirty-four states have legalized sports betting, with 26 of them having online sports betting. Unfortunately, North Carolina is falling behind, and every month that goes by we are leaving money on the table.
New Jersey, which has the same population as North Carolina, raised over $100 million in tax revenue from sports betting last year. Tennessee generated $68 million in tax revenue last year.
At a 14% tax rate, North Carolina could generate $60-80 million.
That is just one of the reasons why we need to pass House Bill 347, which will ensure that we have a responsible and well-regulated sports betting industry that will benefit our state without compromising the safety and well-being of our citizens.
The much-needed revenue generated from legalizing sports betting will go towards such things as supporting N.C. universities that desperately need funding for their athletic programs, especially women’s sports.
With respect to those who are morally opposed to sports betting, it is no different than the stock market — people are permitted to exercise their own judgment to pick winners and losers in any scenario.
For most people, sports betting is a form of entertainment, something that consenting adults with their own money should have the right to do.
Furthermore, it’s already happening — and ignoring the issue only makes it worse as other states around us continue to legalize it.
The immoral thing is to let the illegal market continue — let billions of dollars flow offshore while people get taken advantage of. The moral thing, and the smart thing, is to regulate this market and give people who need problem gambling support the help and resources they need.
We also put in place key protections for young people and those who are at risk of developing a gambling addiction while increasing funding for problem gambling support by $2 million per year. To bet on sports, a person must create an account, which requires them to verify their age, identity, address, and in some cases, their drivers license and Social Security number.
In addition, advertising cannot be targeted at individuals under the age of 21, and all advertising must include a message and resources on gambling help, including a toll-free number.
Advertising is a critical aspect of sports betting. However, the proposed bill contains provisions that will protect vulnerable individuals from the harms of gambling while allowing the industry to advertise to the appropriate audience.
The penalties for violating these advertising regulations are severe, and there is no reason why North Carolina cannot enforce them as well.
Lastly, professional teams in North Carolina, including the Hornets, Panthers, Hurricanes, Courage, Charlotte FC, NASCAR and PGA Tour, all support this bill because it will help them stay competitive with other franchises in states that already have sports betting.
The Major Events and Attractions Fund will allocate 20% of revenue from sports betting taxes to establish North Carolina as a competitive destination for world-class events, including All-Star games and the Super Bowl. This is an investment in our state that will create significant tourism opportunities.
Sports betting is already here in North Carolina. It is time we provide a legal, transparent construct for sports betting that protects consumers, creates the right amount of regulation, and a means that can provide money to improve our state.
Rep. Jason Saine, a Republican, represents Lincoln County in the N.C. legislature and is the Senior Chairman of the N.C. House Appropriations Committee.
