Over the years, efforts to legalize sports betting in Georgia is not successful in terms of reaching approval. Similar to New York’s plight, technicality is an issue. Some legislators are questioning the need to amend the state’s constitution to be able to legalize sports betting. While this debate is ongoing, the state has been getting zero revenue from what could be a good sports betting market. But new efforts to finally get sports betting into Georgia are finally moving forward. The latest sports betting bill in Georgia will now for debate in the full House of Representatives.
HB 86, also known as the Georgia Lottery Mobile Sports Wagering Integrity Act. It is most recently approved by the House Economic Development and Tourism Committee. This will now go under discussion in the House. There is no mention of having an online casino platform or an online sportsbook in the state.
Sports Betting Bill in Georgia
Of course, many pay per head bookies are earning a lot from online sports betting. This is something legislators will want to consider. Currently, the bill talks about taxes and licensing. The Georgia Lottery will collect the tax revenue from proceeds- the tax rate in the bill is 14%. At least 6 companies will be able to get a license. The application fee for the license is at $50,000. Operators will also pay $900,000 each year to maintain their licenses.
Those who open a bookie website know their markets. Which basically means they know who their players and what their preferences are. Georgia has a potentially large population who could be placing bets on their favorite teams. In fact, local professional sports teams are voicing their support for sports betting. The pandemic is not just causing fiscal problems, but sports teams are also affected. They are losing their relationship with fans as recent games do not allow fans to watch in person. Given how dedicated Georgians are to their favorite teams, this can be a good economic driver to help generate state funds through sports betting revenues.