Last updated: January 10, 2024
FanDuel, in collaboration with the PGA Tour, secures market access in North Carolina, aiming to bid for a sportsbook license under the state’s sports betting law. The law permits partnerships with professional sports venues, with the North Carolina State Lottery Commission accepting applications until December 27, targeting sports betting commencement by June 15, 2024.
FanDuel has partnered with the PGA Tour to gain access to the North Carolina market.
The PGA Tour and FanDuel, a division of Flutter Entertainment, have reached an operating agreement to bid for a sportsbook license in North Carolina, according to information first reported by the Sports Business Journal. This month, the North Carolina State Lottery Commission began accepting applications for licenses to offer sports betting.
Since 2020, FanDuel has been a part of the PGA Tour as an “Official Betting Operator.” The sportsbook is growing its partnership to gain market share in the Tar Heel State.
FanDuel’s president, Christian Genetski, expressed gratitude for the company’s strong partnership with the PGA Tour and reaffirmed FanDuel’s commitment to it. Genetski emphasized getting a deal on terms that would be comfortable for both parties, pointing out that their partnership had made negotiations more straightforward.
The General Assembly approved the state’s sports betting legislation in June, and Governor Roy Cooper (R) signed it into law that same month. This permits the state’s eight professional sports stadiums and venues to collaborate with sportsbook operators to offer in-person and online sports wagering. The PGA Tour and NASCAR were also eligible for a sports betting concession under the law.
Companies like FanDuel must first partner with one of the eight professional sports facilities, the PGA Tour or NASCAR, to submit a qualifying sportsbook application. Although it is the first required step in the process, partnering does not guarantee the duration of a sports wagering license.
Following the license, the stadiums and arenas, WakeMed Park, PNC Arena, Bank of America Stadium, and Spectrum Center, can offer retail sportsbooks all year. Only during their annual events will the two NASCAR tracks, Charlotte Motor Speedway and North Wilkesboro Speedway, and the two PGA Tour stops, Quail Hollow Club in Charlotte and Sedgefield Country Club in Greensboro, be permitted to offer in-person sports betting.
The PGA Tour and NASCAR sportsbooks are collaborating to offer fully remote online wagering services. The state will charge each of the ten possible locations and organizations $1 million upon license issuance, and the privileges to operate will be renewed every five years for an additional $1 million. Sports betting gross income is subject to an 18% tax.
The North Carolina State Lottery Commission is accepting bids through December 27. The state gaming law states that sports betting must start before June 15, 2024.
The alignment between FanDuel and the PGA Tour follows ESPN Bet and bet365 announcements about their partnerships with Quail Hollow Club, home of the annual Wells Fargo Championship, and the Spectrum Center, home of the NBA Charlotte Hornets.
In the upcoming days, more North Carolina sportsbook partnership announcements are anticipated.
Sports betting may start in time for the NCAA Division I men’s basketball tournament, also known as March Madness, on March 19 since the North Carolina State Lottery Commission has informed applicants to expect a 60-day review period.
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