- Georgia sports betting bill SB 403 has been revived and approved by a Senate committee.
- The bill would legalize mobile sports betting within the Georgia state lines.
ATLANTA — Sports betting in Georgia has not been a very popular thought in recent years but it is now one step closer to becoming a reality.
With mobile betting getting one step closer, state officials begin to look at the impact that it would do for the state's economy.
First of all, a proposed 10% tax rate would be required from all operators on any and all sports betting revenue.
The bill also would require an annual license fee that would cost $900,000 with no cap on the number of operators that are in the state.
Online sportsbooks in Georgia, if approved, would come at a perfect time as the Peach State is trying to recoup some of its losses that the coronavirus pandemic has dawned upon them.
Georgia is facing a potential 14% decrease in the budget that could reach up to $3.5 billion in cuts for the 2021 fiscal year.
If legalized, sports betting would be able to loosen up a portion of their losses as it would bring in a projected $50 to $60 million in revenue.
The legalization would also bring a positive light to the community on the state. Whatever the tax rate may be, it is expected that the majority of it will go towards the Georgia HOPE Scholarship as well as the state's pre-kindergarten programs.
Although the bill has made it through a committee it still needs to see its day going through a full Senate vote, onto the House, and then receive Governor Brian Kemp’s approval.
Only time will tell how quickly the legislators wish to pursue the idea of mobile sports betting in Georgia.