Georgia continues to make a strong push toward legal sports betting.
On Thursday, the state’s Regulated Industries Committee met to discuss Senate Bill 172 and Senate Resolution 140 — two pieces of legislation that would legalize sports betting in the Peach State.
SB 172 and SR 140 — both introduced on Feb 14. by Senator Bill Cowsert — work together to legalize sports betting in Georgia... but unlike the previous bills discussed this week, would regulate and tax sports betting by way of a constitutional amendment.
The proposed bills require retail and online sports betting sites to pay a 25% tax from their adjusted gross incomes on parlay bets, prop bets and live bets. Regular wagers will have a tax rate of 20%.
The tax revenue generated will have 50% allocated toward scholarships, grants, and loans. An additional 25% will go toward health care, mental health, and economic development, with another 15% to problem gambling initiatives and a final 10% toward education and hosting major events.
SB 172 and SR 140 approve up to six mobile sports betting licenses in Georgia, with operators paying $1 million annually to retain their position in a state with a population of 10.8 million, while retail wagers will be through the Georgia Lottery, which will also have its own sports betting app.
Continuing the betting momentum
Georgia isn’t solely relying on SB 172 and SR 140 to bring regulated betting to the state, as two additional bills have already had positive reception within the state legislature.
Earlier this week, the Georgia House of Representatives met to discuss House Bill 380, which was introduced on Feb. 13 and would only legalize mobile wagering — with sports betting operators paying a 20% tax rate and a tax on revenue generated from sportsbook promotions.
On Monday, Georgia’s Senate Economic Development and Tourism Committee approved Senate Bill 57 by an 8-1 vote, with the next being the bill seeing a vote by the Georgia Senate.
SB 57 would legalize both retail and online sports betting in Georgia with up to 18 sports betting licenses and a tax rate of 20%. The proposed bill would also authorize wagering on horse racing in the state.
Legal sports betting should pay huge dividends for Georgia as Senator Billy Hickman, SB 57's primary sponsor, said the state could generate roughly $1 billion in economic impact and create around 8,500 jobs, per Senator Billy Hickman.
