On the coming Saturday, the Preakness Stakes is scheduled to take place, and with its occurrence, it will attract massive support from horse race enthusiasts. This being the last race, the thoroughbreds are expected to give one of the best racing spectacles, as witnessed at the Kentucky Derby this year. However, the laws have evolved, and these people will have to wait as online horse race betting is not permitted in North Carolina for now.
A significant socially responsible event occurred on June 8, 2023, when the North Carolina General Assembly approved House Bill 347. This bill officially legalized advanced deposit online sports betting, including horse racing. It was enacted on March 11 and has introduced the option for online gambling sites and physical sportsbooks apart from the tribal casinos in the state. However, the North Carolina Lottery Commission has not issued licenses to any operators currently accepting online bets on horse races.
As David Bockino, an associate professor at Elon University with a speciality in sports management, pointed out, horse betting has recently been legalized. But this remains a challenge because the activity entails placing bets on horse races, unlike any other form of betting. As trusted horse racing betting sites begin to launch, they will navigate these regulatory frameworks to offer secure, legal betting options.
The government employs a betting system known as “pari-mutuel,” which operates in North Carolina casinos. This system collects all bets and distributes payments proportionately to the amounts staked on the outcomes. Consequently, if you are placing your bet based on an event with a 4 to 3 ratio, your winnings will be lesser than placing a bet on an event with a 50 to 1 ratio.
Bockino noted that pari-mutuel betting involves certain technological specifications that are unique to it compared to other forms of sports betting. He said, “While pari-mutuel betting requires a different type of mobile app, major betting websites like FanDuel and DraftKings have already launched such applications across other states but not in North Carolina.
Notably, DraftKings has already collaborated with Churchill Downs, the famous Kentucky Derby event venue, to integrate these systems into the platform.
With the anticipation of online horse betting approaching, there is more enthusiasm about its impact on the surrounding areas’ economies. The results from the NC Lottery Commission’s initial investigation reveal an exciting level of engagement in sports betting. During the initial three weeks between March 11 and March 31, the residents wagered about $600 million, which later in April rose to $648 million.
The statistics mentioned above can be significantly enhanced by the actualization of online horse race betting, which will create a new face to gambling in North Carolina. It not only sustains a tradition but also comfortably and conveniently applies it in the age of internet accessibility. It opens the door to a bright future in the center of North Carolina’s betting business.