Georgia Senate Passes Amended Online Sports Betting Bill
Date: 2024-02-04 Author: Dima Zakharov Categories: EVENTS
Georgia Senate Approves Online Sports Betting Bill
In a significant development, the Georgia Senate has voted in favor of Senate Bill 386, which aims to regulate online sports wagering in the Peach State. The bill, filed just last week, gained momentum and was passed with a 35-15 majority vote.
A Constitutional Amendment Requirement
This victory did not come without a twist. Senators added an amendment to the bill, requiring support from 38 senators to pass. This amendment allows the proceeds from sports betting to be allocated to various purposes, including needs-based scholarships.
Key Provisions of the Bill
The core features of SB386 include:
1. Age and Location Restrictions: Players must be at least 21 years old and physically present within Georgia to place bets.
2. Regulation by Georgia Lottery Corporation: The Georgia Lottery Corporation will be responsible for regulating the online sports betting market and issuing licenses. These licenses will be valid for five years.
3. License Types: The bill introduces several license types, with Type 1 licenses for online betting being the primary category. Operators seeking this license must pay a $100,000 application fee and a $1.0 million annual renewal fee.
4. Service Providers: Type 1 license holders can partner with approved service providers who must secure a services license, costing $10,000 with a $100,000 annual renewal fee.
5. Taxation: Type 1 license holders will be subject to a 20% tax on their adjusted gross income from online sports betting in Georgia, payable on a monthly basis.
Once signed by the state's governor, this bill will take immediate effect.
What's Next for Sports Betting in Georgia?
SB 386 is not the only sports betting bill on the table. Senate Bill 172, submitted last year, seeks to legalize both online and retail sports betting and is currently under consideration in the state's Senate.
While the two bills share the goal of legalizing sports betting in Georgia, they differ in certain aspects, including the types of betting allowed and taxation rates. SB 172 has not yet cleared the Senate stage and is slated for further discussion.
