South Carolina Weighs Sports Betting, Governor Resists
Highlights
The Senate Labour and Commerce Subcommittee convened to discuss SB 444, which would legalize sports betting.
Senator Sean Bennett considers prediction markets a serious issue in the state due to the potential for insider trading.
On Wednesday, South Carolina lawmakers were debating SB 444, a bill to regulate online sports betting, during a Senate Labour, Commerce, and Industry Subcommittee hearing. However, due to strong opposition from Governor Henry McMaster, the bill failed to pass the committee.
Since the Governor has been adamant in criticizing gambling, industry sources say the bill is unlikely to get passed during his reign. Efforts to legalize gambling are already encountering early setbacks.
McMaster earlier said “Gambling is bad for our culture. It’s not a part of our heritage and there are better ways to make money to get jobs and generate tax”. His term ends in 2026, with no chance for re-election.
Senators Tom Davis and Matthew Leber sponsored SB 444, which would create the South Carolina Sports Wagering Commission. The commission can hand over up to 8 licenses since the initial bill has been approved. The committee has adopted the amendment proposed by Josh Kimbrell to offer two permits to the PGA Tour and NASCAR if the bill moves forward.
Also at the hearing was Trevor Hayes, Caesars Entertainment’s vice president of government relations, who pointed out that South Carolinians already have access to sports betting through offshore sportsbook and prediction market contracts.
Religious groups voiced out against the legalization of online gambling. Another notable person, Kimbrell, opines that not participating in gambling is against his faith, but with robust access to gambling, regulating it is a strategic decision.
Hynes anticipates collecting about $60 million in taxes from sports betting each year.
The commission also focused on the prediction market industry. Senator Sean Bennett raised concerns about the prediction market and the risks of insider trading.
For the full news story, Read Here!
Since the Governor has been adamant in criticizing gambling, industry sources say the bill is unlikely to get passed during his reign. Efforts to legalize gambling are already encountering early setbacks.
McMaster earlier said “Gambling is bad for our culture. It’s not a part of our heritage and there are better ways to make money to get jobs and generate tax”. His term ends in 2026, with no chance for re-election.
Senators Tom Davis and Matthew Leber sponsored SB 444, which would create the South Carolina Sports Wagering Commission. The commission can hand over up to 8 licenses since the initial bill has been approved. The committee has adopted the amendment proposed by Josh Kimbrell to offer two permits to the PGA Tour and NASCAR if the bill moves forward.
Also at the hearing was Trevor Hayes, Caesars Entertainment’s vice president of government relations, who pointed out that South Carolinians already have access to sports betting through offshore sportsbook and prediction market contracts.
Religious groups voiced out against the legalization of online gambling. Another notable person, Kimbrell, opines that not participating in gambling is against his faith, but with robust access to gambling, regulating it is a strategic decision.
Hynes anticipates collecting about $60 million in taxes from sports betting each year.
The commission also focused on the prediction market industry. Senator Sean Bennett raised concerns about the prediction market and the risks of insider trading.
For the full news story, Read Here!
