South Carolina Lawmakers have introduced a bill that, if passed would legalize sports betting in the Palmetto State.
Bill H 5277 was introduced by its sponsors Rep. William Herbkersman and Todd Rutherford on April 21st when it received its first reading. It was then referred to the Committee on Judiciary.
The bill also makes provisions for the use of cryptocurrencies to fund sports betting accounts
If signed into law the bill will allow for both retail and mobile sports betting. There would be 8 to 12 mobile sports betting operators while professional sports teams in the state would also be permitted to become license holders as will facilities that host PGA Tour events, stock car races, and other national racing events. College sports betting would also be permitted.
The bill also makes provisions for the use of cryptocurrencies to fund sports betting accounts and sets out a 10% tax rate for all sports wagering operations. This would put South Carolina on the lower end of the scale in terms of sports wagering taxes and is considerably less than the 51% currently being paid by sports betting companies in New York state.
Companies wishing to apply for a license to run sports betting operations in the state will need to pay a $500k application fee.
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