There’s no doubt that North Carolina sports bettors visit Virginia to place online wagers. The exact number of bettors and the amount they wager is yet to be determined.
As Virginia’s southern neighbor moves closer to legalizing online sports betting, the Commonwealth should consider how legal online wagering in North Carolina would impact Virginia’s bottom line.
With several major casino projects underway in the southern region of the state, Virginia may continue to attract North Carolina gamblers, many of whom place online sports bets after crossing the border.
Legitimate NC on line sports betting wouldn’t launch right up until 2024
Virginians and visitors to the state already have 15 Las Vegas sports betting apps to choose from. The only restriction on sports betting in Virginia is that betting on in-state college teams is prohibited.
Most of the states bordering Virginia allow online betting. Kentucky is set to launch online betting soon, while North Carolina has legislation moving through the statehouse to legalize mobile sports betting.
North Carolina does permit retail betting, with three live sportsbooks available. One is located at Harrah’s Cherokee Casino Resort in the southwestern part of the state. Another is at Harrah’s Cherokee Valley River, a few miles east. Both sportsbooks are operated by Caesars. The third retail sportsbook in the state is at Catawba Two Kings, which is further east and closer to the South Carolina border.
After some delays, HB 347, which would legalize online betting in North Carolina, advanced through committee on May 26. This progress is promising for proponents of online betting in the state, but there are no guarantees. Even if HB 347 passes in the coming months and is signed into law, online sports betting wouldn’t launch until at least 2024. Regulations would need to be established and licenses would need to be granted. This process can take a year or longer.
Therefore, at least until 2023, Virginia can still expect North Carolina residents to cross the border and place online sports bets.
Simply how much revenue will Virginia get rid of if NORTH CAROLINA legalizes on the net sports betting?
It’s likely that a significant portion of Virginia’s online gambling revenue comes from North Carolina gamblers. However, accurately pinpointing the exact number is difficult due to various factors. Several studies attempt to estimate it, but there are too many variables involved.
For example, consider Virginia’s casinos. One recent study estimates that North Carolina could lose $259 million to Virginia casinos once they are all established. In response to this, a North Carolina state senator is leading an effort to build commercial casinos near the Virginia border to retain some of that revenue in North Carolina.
Given the findings of the study, it is reasonable to assume that Virginia will experience a loss in revenue from legalized online gambling in North Carolina. However, the exact amount is uncertain.
It’s worth noting that Virginia does have the advantage of a more established market.
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