Legalized sports betting in North Carolina could start this month. State regulators are expected to make an announcement Wednesday about when sports betting will become legal in the state. 

The commission in charge of sports wagering previously said it would not be ready to begin by Jan. 8, the earliest date allowed in the new law. The commission has until June 15 to finish the work to get sports gambling running in the state. 

Gov. Ry Cooper signed the sports wagering bill into law in June 2023, which legalizes betting on horse races and sports in North Carolina, including professional, collegiate and amateur sports, though not youth sports.

“This legislation will help North Carolina compete, make sure taxpayers receive a share, create many good-paying jobs and foster strong economic opportunity,” Cooper said previously. “As we move forward, we should work to make sure more of the revenue is used to invest in our public schools, teachers and students.”

Once applications are submitted, the sports wagering companies seeking licenses to accept bets in the state would have to be investigated, with their financial controls, security and responsible gambling plans scrutinized, said Sterl Carpenter, who was hired by the commission to lead its new sports betting division. 

People will be able to place bets online and at brick-and-mortar sportsbooks that will be allowed near professional sports venues, like PNC Arena in Raleigh and the Bank of America Stadium in Charlotte. People will have to be 21 or older to bet on sports.

The gambling industry in North Carolina could expect $1 billion in revenue five years after the law goes into effect. Financial analysts in the General Assembly say they expect more than $70 million in revenue for the state after five years. 

About $30 million in state revenue will go to supporting youth sport programs and athletics at 13 UNC system schools. The money will also go to creating a new fund to attract big events, like political conventions, sports tournaments and music festivals. 

Analysts estimate more than $40 million would go to the state’s general fund from taxes and fees on sports wagering after five years.

In North Carolina, betting on sports is currently only allowed on tribal lands, including at the casinos in Cherokee and the Catawba Two Kings Casino, in Kings Mountain west of Charlotte. 

A 2018 Supreme Court ruling allowed states to legalize sports betting. Since then, more than two dozen states have legalized betting on sports.