Last week a bill was introduced in the South Carolina House of Representatives that would legalize sportsbetting within the state.
The bill is formally known as House Bill 5277, and was introduced on April 21st by Representatives Tom Rutherford and William Herbkersman. It would amend the Code of Laws on South Carolina 1976, adding a third article, which details the rules for which sportsbetting can take place in the Palmetto State. Rules would see operators paying a 10% tax on adjusted gross betting revenues. 80% of those taxes will go to the state's Education Lottery account, with 15% going to a general fund, and 5% to the Department of Mental Health.
Each operator would pay $500,000 for a sportsbetting license with a three-year term. There will be between 8 and 12 operators licensed. Software companies would pay $10,000 for a three-year license.
A new regulator would also be created to oversee the industry and be called the Lottery Commission Sports Wagering Advisory Council.
The bill has a long way to go before possibly becoming a law, with debate, votes, more debate, more voting, and then heading to the Governor's desk for a final decision. Casino Listings News will update this story as the bill progresses (or dies).