South Carolina HB 5277 Proposes Terms for the Legalization of Sports Betting

South Carolina HB 5277 Proposes Terms for the Legalization of Sports Betting

As the US sports betting industry continues to grow, more and more states show interest in launching their own markets. South Carolina continues to consider the legalization of sports wagering.

HB 5277 Seeks to Legalize Sports Betting

A new measure has been introduced in South Carolina as the state seeks to launch its own sports betting market. House Bill 5277, which was introduced in the state House on 21 April, seeks to capitalize on the opportunities in the sports wagering sector. It will amend South Carolina’s Code of Laws and pave the way for the legalization of sports betting in the state. The bill will add a third article under the Code of Laws’ chapter 150, title 59, and will describe the rules under which the state’s potentially upcoming sports betting market should operate. 

The bill envisions having commercial operators pay 10% of their adjusted gross betting income as privileged tax. The latter will be used to fund various establishments in the state. Eighty percent of the collected taxes will be put into the Education Lottery Account. An additional fifteen percent will go into a general fund and the last five percent will fund the Department of Mental Health. A Lottery Commission Sports Wagering Advisory Council will be established to oversee sports betting in the state. 

According to House Bill 5277, The Palmetto State will issue between 8 and 12 mobile operating licenses. Gambling companies will be required to pay $500,000 to apply for a license and $500,000 more to have one issued if they are approved. Suppliers will have to pay only $10,000 to have their brands licensed or to renew their pre-existing licenses. All licenses, operators’ and suppliers’ included, will last three years.

South Carolina among the Indecisive States

As of now, House Bill 5277 has been supported by a few notable state representatives, including William Herbkersman and Tom Rutherford. This isn’t the first time Rutherford has put his support behind the legalization of sports betting. Two months ago, the Richland County representative once again proposed to legalize wagering on sports. He argued that South Carolina can only benefit from this.

South Carolina is one of many states where lawmakers have proposed to revitalize the economy through an expansion of the local gaming industry. Massachusetts, for example, continues to be indecisive about the future of sports wagering in the state. In California, on the other hand, tribal and commercial operators continue to argue about the rules under which sports betting should be allowed.