DraftKings and BetMGM Announce Partnerships for Sports Betting in North Carolina
Two major sportsbook operators, DraftKings and BetMGM, have unveiled their partnerships as they seek to enter the burgeoning sports betting market in North Carolina. These partnerships come as a result of the 2023 sports betting bill, signed into law by Governor Roy Cooper, which requires online sportsbooks to partner with one of six professional sports stadiums or venues in the state.
DraftKings has teamed up with NASCAR, leveraging its longstanding partnership with the racing organization to secure its entry into North Carolina’s sports betting industry. The company is expected to launch its 26th sportsbook in Vermont on January 11, with hopes of expanding to North Carolina later this year. Matt Kalish, president of DraftKings North America, expressed the company’s excitement, stating, “DraftKings and NASCAR have collaborated closely with each other over the years, sharing a like-minded commitment to enhancing the fan experience.”
In addition to their sportsbook partnership, DraftKings has also announced an expanded sponsorship with NASCAR, becoming the exclusive daily fantasy sports partner of the stock car racing circuit. Meanwhile, BetMGM has partnered with the Charlotte Motor Speedway, a venue that hosts two annual NASCAR races, including the prestigious Coca-Cola 600 and the Bank of America Roval 400.
The North Carolina State Lottery Commission is overseeing the licensing process for sports betting and has already received seven applications from operators, including FanDuel, ESPN Bet, bet365, Fanatics, and Underdog Sports. Licenses come at a cost of $1 million, with sportsbooks obligated to share 18% of their gross proceeds with the state.
State gaming regulators are currently conducting background probes on the initial seven sportsbook firms that have applied, as the sports betting law mandates bets to begin by June 15 of this year. The state is aiming to open the market in time for the NCAA’s March Madness basketball tournament.
It’s an exciting time for sports betting in North Carolina, as operators and venues position themselves to capitalize on the new opportunities presented by the state’s legislation. With partnerships and sponsorships already in place, the stage is set for an exhilarating new chapter in North Carolina’s sports gambling landscape.