North Carolina Legalizes Sports Betting, Horse Racing

Regulated sports betting and horse racing will begin in North Carolina in early 2024.
A new law allows for mobile and online sports betting as well as in-person betting at eight locations.
North Carolina will become the 28th state to legalize mobile sports betting.
The law sets a tax rate of 18% on gross betting revenue minus distributed winnings.
Tax revenues are expected to generate over $100 million annually within five years.