FanDuel Secures Market Access in North Carolina Through Partnership with PGA Tour
FanDuel, a subsidiary of Flutter Entertainment, has secured access to the North Carolina sports betting market through a new partnership with the PGA Tour. The agreement allows FanDuel to bid for a sportsbook license in the Tar Heel State. The North Carolina State Lottery Commission recently opened the application period for sports betting licenses, prompting the move.
The sportsbook, already an “Official Betting Operator” of the PGA Tour since 2020, is expanding its partnership to pursue market entry in North Carolina. Christian Genetski, president of FanDuel, expressed confidence in the deal, stating, “We have a great relationship with the PGA Tour and we have every intention of continuing that.”
North Carolina’s sports betting law, passed in June and signed into law by Gov. Roy Cooper, allows professional sports stadiums and venues in the state to partner with sportsbook operators for both retail and online sports wagering. The law also qualified the PGA Tour and NASCAR for sports betting concessions.
To apply for a sportsbook license, companies like FanDuel must first partner with one of the eight pro sports facilities, NASCAR, or the PGA Tour. This partnership, while essential, does not guarantee the issuance of a sports wagering license but is the initial mandatory step in the process.
Upon licensure, designated stadiums and arenas will be allowed to operate retail sportsbooks year-round, while NASCAR tracks and PGA Tour stops will only offer in-person sports betting during their annual events.
Applicants in North Carolina must pay a $1 million fee upon license issuance and renew their operating privileges every five years for another $1 million. Gross revenue from sports betting will be taxed at 18%. The North Carolina State Lottery Commission is currently accepting bids until December 27, with sports betting set to commence before June 15, 2024.
The partnership between FanDuel and the PGA Tour comes after bet365 announced a collaboration with the Spectrum Center, home of the NBA Charlotte Hornets, and ESPN Bet partnered with Quail Hollow Club, the host of the annual Wells Fargo Championship. Additional sportsbook partnership announcements in North Carolina are expected in the coming days, with sports betting potentially beginning in time for the March 19 start of the NCAA Division I men’s basketball tournament.