FanDuel, newest sportsbook operator to secure North Carolina market access
FanDuel gained market access in North Carolina through a partnership with the PGA Tour.
Sports Business Journal broke the news that Flutter Entertainment subsidiary FanDuel has reached an operating agreement with the PGA Tour and will apply for a sports betting license in North Carolina. The North Carolina Lottery Commission opens the application period for sports betting licenses this month.
FanDuel is already the “Official Betting Operator” of the PGA Tour, a deal that dates back to 2020. The sports betting operator is expanding this partnership as it seeks to enter the Tar Heel State.
We have a great relationship with the PGA Tour and we fully intend to continue that relationship. ” said Christian Genetski, President of FanDuel. “Building on our existing partners, we were able to easily engage in dialogue and define transaction parameters that we are very happy with.” "
North Carolina's sports betting law passed the General Assembly in June and was signed into law by Governor Roy Cooper (R) that same month, allowing the state's eight professional sports venues and venues partner with sports event betting operators operators to offer retail and online sports betting. The law also gives the PGA Tour and NASCAR a sports betting franchise.
Bidding begins
To submit a qualified sports betting application, companies like FanDuel must first partner with one of eight professional sports entities (PGA Tour or NASCAR). The partnership does not guarantee the validity of the sports betting license, but it is the first mandatory step in the process.
Stadiums and venues such as U.S. Bank Stadium, Spectrum Center, PNC Arena and WakeMed Park will be allowed to operate retail sportsbooks year-round once licensed. Two NASCAR tracks (Charlotte Motor Speedway and North Wilkesboro Speedway) and two annual stops on the PGA Tour (Quail Hollow Club in Charlotte and Sage in Greensboro) Field Country Club) is only allowed to offer in-person sports betting during annual racing events.
The sports betting partnership between NASCAR and the PGA Tour aims to enable fully remote online betting operations. The 10 potential venues and organizations must pay a $1 million fee to the state when receiving a license and renew the operating privileges for an additional $1 million every five years. The tax rate on gross sports betting sales is 18%.
The North Carolina Lottery Commission will accept offers until Dec. 27. Sports betting is scheduled to begin no later than June 15, 2024, under the state’s gambling laws.
Sports Betting Partner Competition
The partnership between FanDuel and the PGA Tour follows bet365's announcement of a partnership with Spectrum Center, home of the NBA's Charlotte Hornets, and ESPN Bet's announcement of partnership with Quail Hollow Club, home of the annual Wells Fargo Championship The partnership was struck after.
Expect additional sports betting partner announcements in North Carolina in the coming days.
The North Carolina Lottery Commission has told applicants to expect a 60-day review period, meaning sports bets can be placed in time for the April 19 release date of the NCAA Division I men's basketball tournament, also known as March Madness. . march.
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Source: www.casino.org
