A new South Carolina sports betting bill could potentially generate $100 million in revenue for the Palmetto State in the future.
The sports wagering bill, introduced by Rep. Chris Murphy (Rep-Dorchester County), proposed online sports betting for professional and college sports.
Murphy’s new bill has projected growth of at least $20 million a year in new revenues. Approximately 80% will be allocated to the state’s General Fund.
North Carolina first launched online sports betting at noon on March 11 ahead of the NCAA’s March Madness. The Tar Heel State is expected to generate $64.6 million in tax revenue in its first year.
South Carolina would join 38 states and Washington, D.C. if it legalizes some form of sports betting in the future
North Carolinians wagered more than $1 billion in the first 60 days after legalization. South Carolina could see similar numbers if it becomes the 39th state to legalize some form of sports wagering.
“It’s one of those bills that is a revenue generator for the state, a very significant source of revenue,” Murphy said. This new measure would be the third attempt at legalizing betting in South Carolina.
Furthermore, he believes his college and professional sports gambling bill would benefit the state’s General Fund via legalization by curbing offshore betting.
“The fact of the matter is, it’s taking place right now illegally,” Murphy added. “It’s interesting to note that when North Carolina’s legislation went live, there were over a million bets.
“[Those wagers were] attempted to be placed in South Carolina on the North Carolina apps. So it just shows you that [it’s] happening [there].”
Residents can legally place wagers on fantasy football apps
According to state law, bettors can legally bet on fantasy football on apps in South Carolina. Nonetheless, Murphy still plans to add sports gaming and fantasy sports components to the legislation.
“They came to me and wanted to be included in the legislation that I’ve been proposing because they want to be regulated and they want to keep the bad actors out,” Murphy said.
Additionally, Murphy said there are no plans to include a horse racing component to his bill. The Republican lawmaker will ensure that money is put aside to help fund responsible gambling programs. He plans to file the bill after the election.
The National Council on Problem Gambling has emphasized in the past that offshore sportsbooks are harmful to problem gamblers. The nonprofit organization cites identity theft and lack of self-exclusion programs as top reasons to avoid them.
Despite the risks, South Carolina gamblers continue to use unregulated sportsbooks. Those unwilling to give out their personal information to illegal bookies are driving across the border into North Carolina. That seems to be the most ideal option.