DraftKing’s Tethered Entry as an NC Sportsbook
DraftKing’s will be able to become an online sports betting and DFS operator in North Carolina, as it will be “tethered” to NASCAR. The state’s newly passed betting laws state that any online betting brand that wants to gain market access must be tethered to one of the state’s sports properties, leagues or teams. Other such partnerships include:
- Fanatics Sportsbook and the NHL’s Carolina Hurricanes
- Bet365 and the NBA’s Charlotte Hornets
- ESPN BET and the PGA Tour venue Quail Hollow Club
- FanDuel’s relationship and the PGA itself
This is similar to the regulatory framework employed by other states, such as New Jersey and Michigan – except with sports entities in place of land-based casinos. The objective behind this requirement is to ensure a regulated and transparent betting environment that benefits all stakeholders.
“DraftKings and NASCAR have collaborated closely with each other over the years, sharing a like-minded commitment to enhancing the fan experience. We look forward to the next chapter in our journey together and offering our leading mobile sportsbook to fans in the state of North Carolina.” – Matt Kalish, President, DraftKings North America.
The Lay of the Mobile Launch Land
The US sportsbook scene in North Carolina is already shaping up to be competitive, with several operators announcing partnerships that will enable their betting apps to operate in the state.
“DraftKings has a proven track record of enhancing the fan experience across sports. We are thrilled to continue working with DraftKings to deliver NASCAR fans more engagement opportunities and bring its leading mobile sportsbook to North Carolina.” – Joe Solosky, NASCAR Managing Director of Sports Betting.
Among the burgeoning markets, North Carolina’s sports betting industry is poised for substantial growth. With a population eager for diverse sports betting options and a state government that recognizes the potential economic benefits, North Carolina is fast becoming a hotspot for US sportsbook operators.
The Road to Legal Online Betting in NC
HB 347, which would legalize online and mobile sports in North Carolina was officially signed into law in June 2023 and, over the next few months, several rules were drawn up. During this time, the NC Lottery, which will oversee the market, decided that the tax rate would be 18% and that up to 12 licensed sportsbooks could operate in the state
By the deadline for application submissions, it was revealed that 7 operators had applied for mobile licenses: Bet365, BetMGM, DraftKings, ESPN Bet, Fanatics, FanDuel, and Underdog Sports. From that date, the commission aims to evaluate all applications within 60 days.
Last week, the North Carolina Sports Betting Committee agreed that there will be a tiered rollout of NC sports betting, with mobile sportsbooks going live before retail betting locations can open. They discussed a potential launch date of March 17th, in time for March Madness; however, a final decision has yet to be made.
What’s Next For NC Sports Betting
As the NC sports betting scene gears up for its official launch, the DraftKings-NASCAR partnership sets the tone for what’s to come. With these leading players joining forces, the stage is set for an exciting evolution for North Carolina’s sports betting landscape.