South Carolina has lagged way behind the rest of the country when it comes to legal gaming. Other than the state lottery, most other forms of real money gambling remain illegal at the present time.
A new effort to bring legal sports betting to the Palmetto State offers a unique twist with the use of cryptocurrency. A bipartisan bill has been introduced and sent to the House Judiciary Committee. This piece of legislation has been sponsored by state Representative William Herbkersman and Representative Todd Rutherford.
The fact that Herbkersman is a Republican and Rutherford a Democrat is viewed as a good sign. The probability the bill is eventually passed increases given the new legislation’s bipartisan nature. The eventual failure of various sports betting bills in other states without legal sports betting can be traced to disagreements along party lines.
Key Provisions of the New South Carolina Sports Betting Bill
The new bill now under consideration is SC H5277. Under its provisions, up to 12 mobile sportsbook operators in South Carolina could be approved. This would pave the way for sportsbook mobile apps from operators such as FanDuel and DraftKings to enter the South Carolina market.
The use of cryptocurrency would also be legal for making deposits and withdrawals into an online sports betting account.
South Carolina does not have any legal land-based casinos. Legal mobile sportsbooks only would be similar to the current situation in both Tennessee and Virginia as two other states in the South.
Also included in South Carolina’s H5277 is the creation of the Lottery Commission Sports Wagering Advisory Council. This commission would act as the governing and regulatory body overseeing legal sports betting in South Carolina. This oversight includes the entire licensing process.
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The addition of crypto is an interesting development. Wyoming is the only state in the US that allows the use of cryptocurrency for legal sports betting. Neighboring North Carolina lawmakers included a provision in SB 688 for the use of crypto as part of that state’s sports betting bill currently under consideration.
The only form of legal sports betting in North Carolina at the present time covers retail sportsbooks in a pair of tribal casinos. The Tar Heel State is looking to add legal mobile sportsbook operators to the mix.
If both or either of these legislative efforts are successful, the use of cryptocurrency for gaming purposes in the Carolinas would be a significant change. This could pave the way for the rapid expansion of crypto in existing gaming markets that are considered far more progressive.
Cryptocurrency and Professional Sports
The use of crypto in the sports world in general remains rather limited. The NBA’s Portland Trail Blazers broke new ground by partnering with StormX as a cryptocurrency cashback provider. This was the first professional US sports franchise to form a crypto-related partnership.
The NBA’s Dallas Mavericks started accepting Dogecoin for buying game tickets. The UFC signed a 10-year deal worth $175 million with cryoto.com as part of a marketing and advertising partnership.
If the use of cryptocurrency for legal sports betting does become widespread, this would open up the entire marketplace.
