Catena Media has advanced its preparations for the launch of online sports betting in North Carolina, following the state’s formal approval.
North Carolina governor Roy Cooper signed legislation on 14 June 2023 directing the North Carolina Lottery Commission (NCLC) to issue as many as 12 interactive sports betting licences to platform operators.
The passing of House Bill 347 sets a timescale of one year from signing for the state to begin accepting wagers, while also publishing regulations for online sports betting by 8 January 2024.
Catena Media CEO Michael Daly highlighted the potential ramifications for the business: “As the ninth most populous US state and the 28th to legalise online sports betting, North Carolina has the potential to become a significant market for us.
“The bill signed by governor Cooper encourages innovation and ensures healthy competition for sportsbooks, which are positive factors for the market that Catena Media welcomes.”
Daly added that the new bill has the potential to serve as a role model for other states in the process of legalising sports betting. “Ultimately, states that are better attuned to consumer needs and dedicate room for flexibility to sportsbook operators will have more success than those that don’t.”
Currently, North American operations account for around 80% of Catena’s revenue as it operates in 26 US states and Canadian provinces.
Recently, Catena saw its revenue decrease in the first quarter of 2023, citing “challenging comparatives” against US state launches the previous year.