In a 35-15 vote, the Georgia Senate has passed an amended bill to legalize sports betting. Senate Bill 386 would require a referendum to change the state constitution.
If the bill passes, sports betting would be managed by the Georgia Lottery Corp., and 16 licenses would be awarded to online wagering providers. Operators would pay a 20 percent tax on adjusted gross income plus a $100,000 application fee and an annual renewal fee of $1 million.
State Senator Billy Hickman, the bill’s chief sponsor, said 20 percent of the adjusted gross income produced by sports betting would go to the Georgia Lottery to benefit education. Hickman said sports betting could generate $300 million to $400 million in annual tax revenue for the state, plus $1 billion in economic impact. The new industry would also create up to 8,500 new jobs.
Professional sports franchises and venues including the Atlanta Falcons, Atlanta Braves, Atlanta Hawks, Atlanta FC, Atlanta Dream, Augusta National, PGA Tour and Atlanta Motor Speedway could apply for online operator licenses, as well as the Georgia Lottery, leaving seven standalone operator licenses that would be awarded through an open application process.
The bill now moves to the House, where no sports betting bill has ever succeeded. A constitutional amendment requires at least two-thirds approval to move forward. Once the House approves Senate Bill 386 and Governor Brian Kemp signs it, a majority of voters would have to say yes in November.
If the referendum is approved, sports betting could launch in the second half of 2025. Observers said it’s unlikely wagering could be up and running for the 2024 football season, due to the regulatory process. For example, online sports betting was approved in June 2023, but the betting apps won’t be available until March 2024, a full nine months from approval to reality.
