"It's exciting. I mean, it's nice to be able to just hang out, even if you're just at your house or something on the couch, can throw a few bets on something, especially with the Canes making a run for the playoffs and everything. I think that'll be fun," said Mikie Lumbrazo.
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The Carolina Hurricanes and Fanatics hosted a launch party at Backyard Bistro on Monday to celebrate the monumental occasion.
The team announced its purchase of the property earlier this year, with speculation that it could ultimately serve as a sportsbook. For now, the rollout is largely focused on mobile and digital, with placards and signs with QR codes to download the Fanatics app set-up around the bar and restaurant, as Fanatics works on plans for activations inside PNC Arena.
Gov. Roy Cooper signed HB347 into law last June. Since then, the state's lottery commission has worked tirelessly to create regulations. In total, eight operators are available in the state.
- ESPN BET
- DraftKings -- New customers get $250 in Bonus Bets after making first $5 wager
- FanDuel -- New customers get $200 in Bonus Bets after making first $5 wager
- BetMGM -- New customers get $150 in Bonus Bets after making first $5 wager
- Bet365 -- Get $150 in Bonus Bets after your first $5 wager OR get up to $1,000 back if your first wager loses
- Fanatics -- This is the official sportsbook of the Carolina Hurricanes. When you sign up, you'll get 10 days of matched Bonus Bets, up to $100 each
- Underdog Sports Wagering -- First Bet Mulligan: Get up to $1,000 back if you lose your first wager
- Caesars Sportsbook -- When you make your first wager of $10 or more, you'll get $250 in Bonus Bets
Launch day arrived just a day before the start of the ACC Men's Basketball Tournament and a little more than a week before the start of the men's and women's NCAA basketball tournaments.
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Those tournaments, historically, are some of the most heavily wagered on sporting events of the year.
"(North Carolina sportsbooks) stand to make about $7 to 10 million in March. After March, sports betting slows way down. But between April through June of the coming year, that they will probably generate another $15 to $18 million in tax revenue is what we project. So North Carolina is going to do really well because it's their first year -- (not just) because they have a broad sports fan base -- but because of when they're launching," NCSharp.com Managing Editor Tyler Andrews said.
A potential Hurricanes Stanley Cup run could also lead a slew of bets, with Governor Cooper sharing his first wager is on the team to win it all.
"The legalization of sports betting will provide a significant boost to North Carolina's economy and will allow our thriving sports industry to continue to grow," said Governor Cooper in a statement. "For the first bet in North Carolina, I'm taking the Carolina Hurricanes to win the Stanley Cup. The winnings will be donated to the Carolina Hurricanes Foundation which helps children's charities."
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On Monday night, Bob Hansley was out with co-workers at Sports and Social in Cary.
Sports betting finally legal in North Carolina
"Just makes it a little more fun, more interesting watching," Hansley said of sports wagering. "Just gotta know when to put it down, there are ways to set limits on it ... tracks your time on it ...take yourself off quickly, be smart."
Jackson Wall said that might be easier said than done at times.
"Probably going to be some people who go overboard with it ... probably myself included," Wall said. "But there's still people out there who have fun with it. It's a Monday night, nothing to do might as well go to Sports and Social and put some money on it."
North Carolina is the 38th state to legalize sports gambling and the 30th to allow for mobile gaming.
Tax Implications
Winning big via gambling does come with a sort of catch. It's the same catch as any money you earn legally: Taxes.
"Bettors always have to declare their winnings no matter how much those winnings, whether or not it be $10, $600 or $10,000," financial expert Tom Presley said.
Losses can only be written off against the winnings a better receives, but don't go directly against those winnings. Instead, Presley notes they become a Schedule A deduction, so whether it becomes a write-off depends on the person's specific tax situation.
Winnings are considered as income and taxed off an individual's specific bracket. While people may choose to keep winnings in their betting account with plans to keep playing, you still need to declare it.
"Once you receive the winnings, they're yours. Regardless, if they're in the app or in your personal point. So you'll be paying taxes on it as soon as it's into your hands," said Presley.
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In addition to taxes, other rules and regulations are in place for gambling in North Carolina. State regulators have been working around the clock to make sure the rules were ready for launch day.
Anyone who wants to gamble using these apps must be 21 years old. While 18-, 19-, and 20-year-olds can buy lottery tickets, they cannot sign up and play these new apps until they turn 21.
Growing Popularity
According to the American Gaming Association, Americans wagered just under $120 billion last year - a record figure. Part of that jump was fueled by five new states launching legalized gaming. Those states accounted for about 14% of all gambling revenue.
Despite the excitement, the North Carolina Lottery Commission knows sports betting can open the door to gambling addiction for some. So, they've put proactive measures in place for that reason.
Each company granted a license to operate in NC must:
- Have a responsible gaming program, which includes a feature called self-exclusion. This allows people to exclude themselves from placing wagers.
- Provide responsible gaming training to its employees and provide information about gambling addiction resources in its marketing
Companies also are not allowed to target their marketing to people younger than 21.