Georgia Sports Betting Update: State Senate Passes Latest Version of Gambling Bill

Shortly after North Carolina set its sports betting launch date, another state in the southeast could be making waves in the industry.

In a significant stride toward the future of regulated sports betting in Georgia, the state's Senate has passed Senate Bill 386, centered around bringing legalized sports wagering to the state, with a 35-15 majority vote. Proposed in January, the legislation aims to introduce regulated online sports betting, presenting a promising opportunity for economic growth and increased revenue.

Spearheaded by Sen. Billy Hickman and supported by several others, SB 386 not only gained approval for its core provisions but also witnessed the Senate endorsing an amendment that mandates Georgia voters to approve a constitutional amendment in the upcoming November elections. The amendment secured a 34-7 vote, emphasizing the support for the bill.

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Proximity of Legal Betting States, Unregulated Georgia Market Primary Factors

During Thursday's floor session, Sen. Clint Dixon expressed optimism about the passage of SB 386, stating, "As our state evolves, it's crucial to acknowledge the existing landscape with neighboring states already engaging in this activity."

This legislative move is the latest in a series of attempts by Georgia lawmakers to position the state within the lucrative U.S. commercial gaming industry, a $50 billion industry at that.

One of the driving forces behind the push for regulated sports betting is the thriving but unregulated market within the state. Sen. Jason Esteves highlighted this reality, saying, "Sports betting is already happening here in Georgia. It's unregulated and easily accessible to minors. It lacks responsible gaming safeguards and generates zero revenue for the state of Georgia."

To address these concerns, SB 386 proposes a 20% tax rate on sports betting revenue, with a portion of the proceeds allocated to educational initiatives such as the HOPE scholarship.

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Professional Georgia Sports Teams Offer Major Revenue Opportunities

Georgia is a massively appealing betting market, with a number of high-quality sports teams like the Atlanta Hawks and Atlanta Braves in NBA and MLB respectively, along with NFL exposure in the Atlanta Falcons. Add in the Georgia Bulldogs for good measure an you're looking at a big-time revenue driver.

If SB 386 becomes law, Georgia could grant up to 16 licenses to operators, with nine reserved for partnerships with major professional sports teams and entities across the state, including the Augusta National Golf Course and the Atlanta Motor Speedway. The bill also empowers the Georgia Lottery to offer its own standalone sports betting platform.

However, entering the regulated market comes at a cost for operators, who would be required to pay a $100,000 application fee, with an additional annual fee of $1 million for license maintenance if approved.

As SB 386 moves to the House for consideration, it represents a crucial juncture in Georgia's pursuit of a regulated sports betting landscape. Notably, in 2021, a similar piece of legislation passed in the Senate but did not progress further in the House. The current momentum suggests a renewed hope for the legalization of sports betting in Georgia.

More Sports Betting Industry News

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Responsible Gambling

Please remember to enjoy gambling responsibly. Responsible gambling means setting limits, staying in control, and understanding that luck is just part of the game. Make informed choices, set a budget, and know when to take a break. If you or someone you know has a gambling problem, crisis counseling and referral services can be accessed by calling 1-800-GAMBLER.