Legalizing sports betting in Georgia is a long, arduous process that, unfortunately, is far from over. As states across the country benefit economically from the boom in sports betting, Georgia is yet to realize their potential.
Last year, Senate Bill 172 was introduced by Senator Bill Cowsert. The House of Representatives also had a sports betting bill, HB 380. Both bills aimed to regulate sports betting in the state, however, it was shelved.
A huge part of becoming a successful bookie is knowing your market, and knowing how to maximize your resources to maximize your potential. Georgia has a lot of potential for sports wagering, especially for online wagering. The convenience of not having to drive to a brick-and-mortar facility just to place bets has been the main driving force in the bullish growth of sports betting around the world.
Sports Betting in Georgia- What to Expect in 2024
The newest iteration of SB 172 now returns to the Senate in the hopes that it would move much further than the third reading its predecessor had. The terms are very similar to the previous version, so legislators will have less problems understanding the bill and its terms.
The bill proposes several license types with varying fees, which will be regulated by the Georgia Sports Betting Commission. The two main licenses are for online and retail betting. There is also allotment for special licenses, like for supplying self-service betting terminals. But basing on the success of bookies who use PricePerPlayer.com for their online sportsbooks, online wagering is likely to get the lion’s share of handle and revenue.
The bill tackles licensing and taxes as well. The state proposes to impose a tax on adjusted gross income from online betting. This consists of 25% of adjusted gross income from parlays, prop bets, and live betting wagers. Meanwhile, other wagers will have a 20% tax on the adjusted gross income. If the bill passes, it will come into effect on January 1, 2025. So while there is no chance of seeing sportsbooks offer Super Bowl lines, or odds on local teams this year, residents are hopeful that this year will be the last. And that by 2025, they will have their pick of sportsbooks to bet on, both retail and online.
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