Tuesday, December 6, 2022

South Carolina Online Sports Betting Bill

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Here comes another one! Now there’s a new bill that would legalize South Carolina online sports betting, and potentially much more! The legislation is a Bipartisan bill from the State House, sponsored by Representatives William Herbkersman, a Republican, and Todd Rutherford, a Democrat.

This is a second attempt at passing a bill to regulate sports bets in the state. The first try was about three years ago. This time around, the aim is to regulate not just South Carolina online sports betting, but retail bets as well. There are additional provisions for esports and the use of cryptocurrencies.

If approved, the bill will allow from 8  to 12 online betting operators and set a tax rate of just 10% on adjusted gross revenue. There would also be an annual fee for a license of $500,000. Additionally, minimum age for placing sports bets would be 21 years, although wagers would be allowed on college games. Of course, professional athletes would be restricted from any sports betting.

The inclusion of digital currencies in the language of the bill is significant, however. The legislation mentions cryptocurrencies specifically, as well as other forms of digital payments and foreign currencies as ways to fund South Carolina online sports betting. That seems particularly interesting.

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