Georgia’s senate passed a bill to legalise sports betting online in Peach State. However, the law requires that a constitutional change be approved by Georgia voters.
Last week, Senate Bill 386 sought to regulate sports betting online in Georgia. The bill has been approved by the Georgia Senate yesterday with a 35-15 vote.
The bill was amended by 38 Senators, but not until then. This amendment permits the proceeds from betting to go to other uses, including need-based scholarship.
The sports betting bill has now been approved by the Georgia Senate and is being discussed in the Georgia House of Representatives.
What does the Georgia Sports Betting Bill include?
SB386 contains key language that covers online sports betting. The bill requires that players be 21 years old and located in Georgia to wager.
Georgia Lottery Corporation will be responsible for the regulation of the market. The Georgia Lottery Corporation would be responsible for regulating the market.
There will be several licences available. The main licence would be a Type I licence, which is for online gambling. To apply, operators would have to pay $100,000 ($78,445/EUR91.925) and an annual renewal of $1.0m.
One approved service provider could be partnered with a Type 1 license holder. They would have to pay $10,000 for a service licence and $100,000 per year in renewal fees.
A second supplier license would cost $2,000 plus the renewal fee of $20,000.
In Georgia, 16 Type 1 licenses will be available. Eight of them are tied to professional sport organisations. Seven additional standalone licenses will be available, along with one tied to the Georgia Lottery.
Taxes are payable by Type 1 license holders at 20% of their adjusted gross revenue from sports betting online in Georgia. The tax is payable monthly.
As soon as the governor signs off on it, this bill will become law.
What is going on in the Peach State else?
SB 386 was not the first bill about online sports betting to be introduced this year. Another bill was sent back to the Senate last month.
Bill Cowsert, a state senator from Georgia, submitted Senate Bill 172 in Georgia last February. The bill was ultimately unsuccessful. Bill Cowsert, a state senator from Georgia, submitted Senate Bill 172 in February last year. It ultimately failed.
This bill is different from SB386 because it allows both online and retail gambling. The number of licenses is unlimited, and there are several types.
No specific tax information is available. The bill does outline an annual tax on gross adjusted income from online betting.
The amount is calculated by adding 25% to the gross adjusted income of parlay, proposition and live bets. It also includes 20% from other bets.
If the bill passes, it will become effective on 1 January 2025. SB386, however, has not yet passed the Senate stage.