On April 21st, officials in South Carolina introduced a sports betting bill for the second time in three years. House Bill 5277 aims to legalize online and retail sports betting in the state.
This bipartisan attempt to legalize sports wagering in South Carolina offers the opportunity for between eight and 12 online sports betting platforms to operate in the state. Entities such as professional sports franchises, PGA Tour event hosts, and even promoters for national stock car auto racing events would be eligible to apply for a sports betting license, as well as partner with an operator.
The bill calls for a tax rate of 10% on adjusted gross sports betting revenue. Entities approved for a sports betting license would pay a $500,000 annual license fee and non-refundable application fee. Betting on professional sports as well as both college sports and esports, two markets limited in some states, would be allowed under HB 5277. The bill also notes that cryptocurrency, digital currency, and foreign currency could serve as funding options.
According to the bill’s language, 80% of revenue from sports betting would be allocated to the education lottery account, 15% to the general fund (transportation, roads, public buildings), and 5% to the Department of Mental Health for problem and responsible gaming programs.
The bill calls for bettors to be at least 21 years old to participate in the activity.
(All information was provided by SportsHandle)