The Senate voted to pass an amended Georgia online sports betting bill. However, the amendment requires the support of 38 senators for the bill to pass. The amendment will also allow proceeds from sports wagering to fund scholarships.
Now that it has passed the Georgia Senate, the sports betting measure will go on to the Georgia House of Representatives for more debate. The fact that the law would address internet sports betting is a crucial part of SB 386. Players must be at least 21 and physically present in Georgia to place a wager.
According to political news forum users, the Georgia Lottery Corporation would oversee market regulation. As part of this, five-year online betting licenses would be distributed.
The most prominent of the several license options is a Type 1 license for internet gambling. Operators must pay an application fee of $100,000 and a yearly renewal fee of $1,000,000. Sportsbook automation can help operators earn that money right away.
Georgia Sports Betting Bill
One authorized service provider might partner with those with a Type 1 license. A $10,000 initial investment and $100,000 annual renewal charge would be required to get a service license for these providers. An extra supplier license for $2,000 plus the $20,000 renewal fee might be purchased.
Georgia plans to issue 16 Type 1 licenses, 8 of which will go to organizations involved in professional sports. One license would be associated with the Georgia Lottery, while seven more would be available independently.
Online sports bettors in Georgia who possess a Type 1 license are subject to a tax rate of 20% of their adjusted gross revenue. This tax is due monthly and will become effective once the state governor signs off on the measure. Lawmakers are also considering the impact of public betting.
SB 386 is not the only sports betting bill introduced in Georgia. Just last month, the Senate received yet another measure. Last year in February, Georgia state senator Bill Cowsert introduced Senate Bill 172, but it did not pass. Now that it is back, the measure has not altered much; its aim remains to legalize sports betting.