Senate Bill 386, a piece of legislation that would legalize online and retail sports betting in Georgia, passed through the state's Senate Economic Development and Tourism Committee on Tuesday morning by a vote of 8-2.'
If approved, the bill would allow for 16 betting apps to go live in the state, which currently doesn't allow for any legal sports wagering. SB 386 doesn't require a constitutional amendment to legalize Georgia sports betting, unlike SB 172, which is currently tabled in the Senate. Under SB 386, the state lottery would regulate sports betting.'
Professional sports franchises and venues, including the Atlanta Falcons, Atlanta Braves, Atlanta Hawks, Atlanta FC, Atlanta Dream, Augusta National, the PGA Tour, and Atlanta Motor Speedway, are expected to be eligible to apply for licenses under the language in SB 386. The Georgia Lottery could also apply, and there would be an additional seven standalone operator licenses awarded through an open application process.'
Operators would pay a 20% tax on adjusted gross income, a change from the originally proposed bill, which had a tax rate of 15%. Operators would also pay a $100,000 application fee in addition to an annual renewal fee of $1 million.'