Georgia sports fans are one step closer to betting on their favorite teams.
On Tuesday, the Georgia House of Representatives discussed House Bill 380, which would bring legal sports betting to the sports-crazed Peach State.
The bill, which has garnered support from the Metro Atlanta Chamber, was introduced on Feb. 13 but has yet to receive any votes regarding its implementation to make sports betting in Georgia a reality.
HB 380, which would only authorize mobile wagering, requires online sports betting sites to pay a 20% tax from their adjusted gross incomes — up from a previous estimate of 15%.
The average sports-betting tax rate in the U.S. is 19%, per Morgan Stanley, while New York, which launched mobile sports betting in January 2022, has the highest rate at 51% — although that is currently being questioned by sportsbook operators.
HB 380 also includes a tax on revenue generated from promotions and a requirement that sportsbooks with licenses in Georgia offer programs to combat problem gambling.
Tax revenue generated by the state from sports betting will be allocated toward education.
Another bill giving Georgia two cracks at betting
On Monday, the state’s Senate Economic Development and Tourism Committee approved Senate Bill 57 — a competing piece of legal sports betting legislation that was introduced at the end of January.
SB 57 — approved by an 8-1 vote — will have its fate decided by the Georgia Senate.
The proposed bill calls for two types of sports betting licenses in Georgia: Retail and online. It would also legalize wagering on horse racing in the state, including fixed odds.
The bill, which would approve up to 18 mobile sports betting licenses, requires wagering to be regulated by the Georgia Lottery with tax revenue also allocated toward education.
The bill, like HB380, would also require sports betting operators to pay a 20% tax rate. Sports betting could generate between $300 million and $400 million in revenue annually for Georgia, according to Senator Billy Hickman — SB 57’s chief sponsor.
Legal sports betting in the state has faced an uphill battle following previous attempts in 2021 and 2022, where bills reached the Senate but did not ultimately lead to fruitful endings.
However, Georgia has another opportunity to secure additional funding for education and join the more than 35+ states with regulated sports betting across the U.S.
