South Carolina is making another attempt to legalise sports betting with the introduction of the South Carolina Sports Wagering Act, making it one of several states that could explore the topic in 2025.

The proposed legislation, Bill 3625, aims to regulate sports betting and ancillary activities under specific conditions. It would establish the South Carolina Sports Wagering Commission to oversee the industry, enforce compliance, and promote responsible gambling.Efforts to legalise sports betting in South Carolina have gained momentum in recent years but continue to face substantial opposition.

Under the Wagering Act, sports betting would be permitted through licensed operators using approved mobile applications or digital platforms. The bill also introduces a 12.5% privilege tax and comprehensive licensing requirements for operators and suppliers.

The legislation mandates strict oversight, requiring operators to meet financial stability standards, implement identity verification systems, and comply with anti-money laundering protocols.

A privilege tax of 12.5% on adjusted gross receipts would be imposed, with revenues allocated to the state’s general fund, local infrastructure projects, and mental health services for addressing gambling addiction.

Operators would be prohibited from accepting wagers from minors, offering credit for bets, or taking bets on youth sports.

The South Carolina Sports Wagering Commission, created under the legislation, would consist of nine appointed members responsible for licensing, regulation, and enforcement.

The commission would also establish policies to ensure integrity in sports wagering, such as monitoring abnormal betting activity, collaborating with sports governing bodies, and imposing penalties for violations.

Further, the proposed bill includes several safeguards against gambling-related harm. Operators must provide bettors with tools to limit their betting activity and facilitate self-exclusion programs.

Funds from the privilege tax would support mental health initiatives, including prevention programs and treatment services for individuals with gambling disorders.

Additionally, the legislation outlines penalties for illegal activities, such as unauthorised bets and manipulation of sporting events, to protect the integrity of both the industry and the public.

In 2022, the push for legal online sports betting gained significant political attention when former Democratic gubernatorial candidate Joe Cunningham made it a central issue in his campaign.

Cunningham argued that while sports betting was already happening in the state, it remained unregulated and underground, providing no financial benefit to South Carolina.

He advocated for legalisation in order to regulate the industry and use the resulting tax revenue to fund teacher salaries, improve infrastructure, and reduce other taxes.

The following legislative session saw two bipartisan bills introduced to legalise online gambling. One, led by Rep. Russell Ott, focused on supporting South Carolina’s struggling equestrian industry.

The bill proposed allowing online betting on horse races to provide financial relief to the sector, which Ott noted was losing ground to states with more modern gambling laws. In April, Ott’s proposal surprisingly passed the South Carolina House with a narrow 56-46 vote.

However, it failed to advance in the Senate before the state’s legislative session ended in May.

The second bill, introduced by Rep. Chris Murphy, had broader goals. It proposed online sports betting on both professional and college sports and was projected to generate at least $20m annually in new tax revenue, with 80% allocated to South Carolina’s General Fund.

Murphy emphasised the significant volume of illegal online wagering in the state, estimated at $2.5bn annually, and argued that legalisation could eliminate this unregulated market while providing a substantial financial boost to the state.

Despite these setbacks, proponents have continued to push for reform, citing the potential economic benefits of legal sports betting. Neighbouring states like North Carolina have already moved forward with similar initiatives, putting pressure on South Carolina to remain competitive.

The Wagering Act represents the most comprehensive attempt to date to address these concerns and build a regulated framework for sports betting. By incorporating lessons from other states, the bill hopes to overcome the resistance previous initiatives faced.

https://next.io/news/regulation/south-carolina-legal-sports-betting-discussion/

Acroud News Syndication

info-media@acroudmedia.com

View source version on newsdirect.com: https://newsdirect.com/news/south-carolina-to-return-to-legal-sports-betting-discussion-172598373

This press release is distributed by News Direct. Blockchain Registration, Verification & Enhancement provided by NewsRamp™. The source URL for this press release is South Carolina to return to legal sports betting discussion.