As the sports betting industry in the United States continues to flourish, more and more states are expressing an interest in establishing their own markets. The state of South Carolina is still debating whether or not to legalize sports betting.

HB 5277 seeks to legalize sports betting

As the state prepares to start its own sports betting market, a new piece of legislation has been submitted in South Carolina. In House Bill 5277, which was introduced in the state House on April 21, the state legislature intends to take advantage of the opportunities that exist in the sports wagering industry. It will change South Carolina’s Code of Laws and pave the way for the state’s first legalized sports betting market to open in the near future. Specifically, the law will add a third article to the Code of Laws’ chapter 150, title 59, which will establish the conditions under which the state’s potentially impending sports betting market will operate.

Commercial betting providers would be required to pay a privileged tax of 10% of their adjusted gross betting income, according to the proposed legislation. The latter will be utilized to fund a variety of institutions throughout the state. Eighty percent of the taxes collected will be deposited into the Education Lottery Account. An additional fifteen percent will be deposited into a general fund, with the remaining five percent going to the Department of Mental Health and Addiction Services. For the purpose of regulating sports betting in New Jersey, a Sports Wagering Advisory Council will be established by the Lottery Commission.

Depending on the passage of House Bill 5277, the state of South Carolina will grant between 8 and 12 mobile operating licenses. The application fee for a gambling license will be $500,000, with an additional $500,000 fee to be paid to have a license issued if the application is approved. It will only cost suppliers a total of $10,000 to have their brands licensed or to renew licenses that they already have in place. All licenses, including those for operators and suppliers, will be valid for three years.

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South Carolina is one of the states that is undecided

To date, a number of prominent state members, including William Herbkersman and Tom Rutherford, have expressed support for House Bill 5277. Rutherford has expressed his support for the legalization of sports betting on numerous occasions in the past. It was just a couple of months ago that the Richland County legislator suggested to legalize sports wagering once more. He stated that South Carolina will only profit as a result of this development.

South Carolina is one of many places where lawmakers have argued that the expansion of the local gaming industry will help to reinvigorate the economy and stimulate job creation. For example, the state of Massachusetts has remained undecided regarding the future of sports wagering in the state. Tribal leaders and commercial operators in California, on the other hand, are continuing their debate over the rules under which sports betting should be permitted.