When it comes to sports betting, many people like longshots. If you’re one of them and live in the Palmetto State, you’ll probably like the bill regarding South Carolina sports betting that’s just beginning its legislative journey.
Meet South Carolina HB 3749
House Bill 3749 (HB 3749) was read in the House Ways and Means Subcommittee on Revenue Policy. It will likely go through a few more hearings, before being voted on by the full committee, and possibly passed to the House floor.
It would allow up to eight South Carolina sports betting apps to be accessible to anyone 18 or older, with no restrictions on college sports. That could be a problem.
The Legal Age for Sports Betting Would Be 18
The legal age would be 18, which corresponds to the present legal age for purchasing a lottery ticket in South Carolina. This differs from the minimum age of 21 required in most other states with regulated sportsbooks (online or brick-and-mortar).
On top of that, South Carolina Governor Henry McMaster has been an ardent opponent of legalized sports betting. Unless he changes his opinion, lawmakers may have a difficult time getting any proposed bill across the finish line, given that McMaster was just sworn in for his second term in January.
What South Carolina HB 3749 Offers
HB 3749 borrows heavily from both the Tennessee bill that was passed a few years ago and the North Carolina bill that is currently making its way to the Senate after clearing the House.
Although minor, high school, and youth sports are specifically banned from being bet on in the bill, college and professional sports are included, as well as a long list of other events.
The measure would also establish an Equine and Sports Wagering Commission, which would serve as the state’s gambling regulatory body for the foreseeable future.
Money for the State
Operators’ adjusted gross revenue would be taxed at 10% and was stated to be negotiable. Conservative estimates for the annual tax revenue are around $23 million, which will be divided into three funds:
- 80% will go to the state’s general fund.
- 15% will be sent to local governments.
- 5% will help combat problem gambling through social programs that support gambling addiction programs or other mental health issues.
Of the eight licenses the bill would provide, two are reserved for partners of the PGA and NASCAR’s Darlington Raceway as standalone operator licenses.
This Sports Betting Bill Provides a Framework
The introduction of HB 3749 is a symbolic win for the future of legal sports betting in South Carolina, as it is one of the few times the legislature has even addressed the issue of gambling legalization.
One thing that the bill has going for it is that it does provide the framework for legalizing sports betting in the state.
Another benefit is that the bill’s sponsor, Representative Christopher Murray, says the plan won’t cost South Carolina a dime. He says licensing fees (a $50,000 application fee plus a $450,000 operating fee) will cover overhead operational costs. So there is some room for optimism.
Calculators
