The new sports wagering law will increase competition for the Tribe, but allow mobile betting, reaching a further audience, thus creating more custom for the Tribe.
The Eastern Band of Cherokee Indians’ (EBCI) two casinos were the only places in North Carolina where sports wagering was legal up until two years ago, but now online betting will be available.Governor Roy Cooper signed the bill (HB 347) into law on June 14, 2023, which legalized sports wagering statewide — and EBCI Principal Chief Richard Sneed said the Tribe welcomes the change.
Previously, bets had to be placed on-site at the casino. Under the new law, Tribal casinos will be able to accept bets placed online, anywhere in the state; creating more custom for the Tribe.
EBCI Principal Chief Richard Sneed said, “Many of the surrounding states have already taken steps to allow mobile sports betting and we are pleased that this bipartisan law is putting North Carolina on an equal footing.”
The law allows the North Carolina State Lottery Commission to issue licenses to as many as 12 sports wagering operators, which could accept wagers on sporting events including professional, college, electronic and amateur sports.
Under the law, applicants would submit a detailed application to the Commission, along with a $1m licensing fee — the Commission would return all but 5% should the application be denied. Licenses will be permitted for five years.
Sneed also stated, “The EBCI convened a group years ago to begin this effort in earnest and has maintained the conversations to get this over the finish line. Any impact to the casino will be mitigated by our expected returns when we exercise the license guaranteed to the Tribe.”
The Tribe has formed several other LLCs to diversify its income, however. One of these LLCs, EBCI Holdings, handles gaming ventures outside Tribal lands.
EBCI Holdings CEO Scott Barber said, “If for some reason that doesn’t happen that way once the state establishes its rules and regulations, then I think EBCI Holdings would take a more prominent role."
