FanDuel Latest Sportsbook to Secure Market Access in North Carolina
Posted on: December 11, 2023, 01:00h.
Last updated on: December 11, 2023, 01:14h.
FanDuel has secured market access in North Carolina by partnering with the PGA Tour.
The Sports Business Journal broke the news that FanDuel, a subsidiary of Flutter Entertainment, and the PGA Tour reached an operating agreement to bid for a sportsbook license in North Carolina. The North Carolina State Lottery Commission opened its application period for sports betting licenses this month.
FanDuel is already an “Official Betting Operator” of the PGA Tour, a deal that dates back to 2020. The sportsbook is expanding that partnership to seek market entry in the Tar Heel State.
We have a great relationship with the PGA Tour and we have every intention of continuing that,” said Christian Genetski, president of FanDuel. “Building off of an existing partner made it a pretty easy conversation to get to the parameters of a deal that we were very comfortable with.”
North Carolina’s sports betting law, passed in June by the General Assembly and signed into law by Gov. Roy Cooper (R) that same month, allows the state’s eight professional sports stadiums and venues to partner with sportsbook operators to run both retail and online sports wagering. The law additionally qualified the PGA Tour and NASCAR for a sports betting concession.
Bidding Begins
To submit a qualifying sportsbook application, companies like FanDuel must first partner with one of the eight pro sports facilities, the PGA Tour, or NASCAR. Partnering doesn’t assure the tenure of a sports wagering license but is the first mandated step in the process.
The stadiums and arenas — Bank of America Stadium, Spectrum Center, PNC Arena, and WakeMed Park — will be allowed to operate retail sportsbooks around the year upon licensure. The two NASCAR tracks, Charlotte Motor Speedway and North Wilkesboro Speedway, along with the two annual stops on the PGA Tour, Quail Hollow Club in Charlotte and Sedgefield Country Club in Greensboro, will only be allowed to offer in-person sports betting during their yearly events.
The NASCAR and PGA Tour sportsbook partnerships are for fully remote online wagering operations. Each of the ten potential venues and organizations must pay the state a $1 million fee upon license issuance and renew the 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 fielding bids until December 27. Sports betting is to commence before June 15, 2024, according to the state gaming law.
Sportsbook Partnerships Aligning
FanDuel and the PGA Tour’s alignment comes after bet365 announced a partnership with the Spectrum Center, home of the NBA Charlotte Hornets, and ESPN Bet partnered with Quail Hollow Club, home to the annual Wells Fargo Championship.
Additional sportsbook partnership announcements in North Carolina are expected in the coming days.
The North Carolina State Lottery Commission has told applicants to expect a 60-day review window, meaning sports betting could begin in time for the March 19 tipoff of the NCAA Division I men’s basketball tournament, aka March Madness.
Source: casino.org
