GREENSBORO, N.C. — "And...they're off!" But, for now, hold your horses on placing a bet.
The second leg of the horse racing jewel, the Triple Crown, will roar to the race track this Saturday, May 18 with the Preakness Stakes, as fans will see if the historic photo finish at this year's Kentucky Derby repeats itself in another thrilling finish.
Just don't expect to put any money on the favorite or wildcard. Betters cannot horse bet online in North Carolina just yet.
In June 8, 2023, the NC General Assembly passed into law House Bill 347, legalizing advanced deposit online sports wagering -- including horse racing -- in North Carolina. The law took effect March 11. Online gambling sites and in-person sports books now can operate in North Carolina, expanding options beyond the state's three tribal casinos.
The NC Lottery Commission confirms at the moment, there are no entities licensed to offer or accept online bets for horse racing in NC.
Elon University sports management associate professor David Bockino emphasized horse racing is allowable here -- it simply just hasn't launched online yet.
"The history of horse racing betting goes back a long time, and it's really been separate from other sports in a lot of ways. In the 1930s, after the Great Depression, a lot of states legalized it to bring in a lot of money, and so it's sort of had a different path than football and basketball and things like that. So, when North Carolina passed this legislation to legalize sports betting, it also legalized horse betting. But, it's a complicated system, because the way you wager on horse racing is a lot different than the way you wager on professional football," he explained.
It uses "pari-mutuel" wagering, which is already in place at NC casinos. This method pools money and pays it out based on the amount wagered on each outcome. So, for example, a winning horse with four to three odds will pay out much less than a long shot with 50 to one odds.
"It (pari-mutuel betting) requires a different technology and infrastructure for mobile applications, and the big companies like Fan Duel and Draft Kings haven't launched those applications here in North Carolina yet, but they do exist around the country and will be coming here soon," Bockino said.
He explained these applications will have to partner with other operators, and Draft Kings already has a system in place with Churchill Downs, the famous home of the Kentucky Derby.
Implementing online horse betting here could make the new industry even more lucrative. The NC Lottery Commission's first monthly report found North Carolinians wagered $600 million on sports events between March 11 and March 31. The second report, released Friday morning, found betters wagered $648 million between April 1 and April 30.