South Carolina Senate To Discuss Sports Betting Bill In January
The South Carolina Senate will be reviewing House Bill 3514, also known as the Equine Advancement Act, in January. The measure has already passed in the House Judiciary Committee and is seeing a lot of momentum heading into the Senate. Lawmakers are aiming to follow in the footsteps of their neighbors in North Carolina, which passed sports betting legislation in 2023.
South Carolina Lawmakers Push For Sports Betting Legislation
The previous legislative session closed with South Carolina sports betting being on the upswing after the measure passed in the House. Lawmakers will kick off the 2024 legislative session with sports betting as a major topic.
“This is already going on in the state of South Carolina, just by really intelligent people who know how to make their phone think it’s somewhere else,” said Frank Mullins, President of the Aiken Steeplechase Association. “There’s a lot of money that’s being wagered in South Carolina, but we don’t get any cut of it, and we don’t regulate it.”
Lawmakers are also looking to implement an advanced deposit wagering system. Bettors will fund their betting accounts before wagering and have limits set on how much they can deposit. The measure also places limits on how much one can wager.
“There are limits on how much you can put in. There are limits on how much you can wager. The benefits from all this will be the equine industry in South Carolina,” said Bill Gutfarb, President at the Aiken Training Track.
The Equine Industry Development Fund will be developed from revenue earned through wagering. This will help local racetracks remain prosperous.
What The Sports Betting Market Will Look Like
HB 3514 would regulate both retail and mobile betting in Palmetto State. Standard wagering options will be available under this measure, including Las Vegas-style sports betting. Bettors will find action on all major sporting events both at retail and online.
Additionally, parimutuel betting will be available through online sports wagering. Bettors will be able to access odds from anywhere within the state. Sports betting operators would need to apply for licenses in South Carolina in order to begin offering odds.
An official tax rate has not yet been set. Additionally, how revenue will be shared has yet to be announced. These are likely topics that will be addressed once the 2024 legislative session begins in January.