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Senate Bill 172 is making a comeback in Georgia’s legislative scene, bringing with it the goal of legalizing and regulating sports betting. When the measure was first presented by state senator measure Cowsert in February of the previous year, it was up against HB 380, another proposal that sought to alter the state’s sports betting laws.
SB 172 has made a strong return after being briefly shelved in August, keeping its main goals and provisions. The most recent version of the law is similar to the previous one in that it outlines important components such regulatory control, tax structures, and licensing costs.
SB 172 creates a number of new licensing categories, each with a different set of costs. The Georgia Sports Betting Commission is in charge of regulating and is in charge of granting licenses. A $100,000 application charge and a $1 million yearly renewal cost apply to online sports betting operators for a Type One sports betting license. In addition, there is an annual renewal charge of $1,000 for a Type Two sports betting retail license, which is targeted at physical betting establishments and has an application fee of $500.
Interestingly, SB 172 takes a flexible stance by allowing operators to hold an unlimited number of licenses. This flexibility is intended to promote a competitive and diversified sports betting market in Georgia, even though the Commission is required to grant a minimum of six Type One licenses and five Type Two permits.
The measure gives the Georgia Sports Betting Commission more ability to ensure that rules are followed. It can suspend or cancel licenses and penalties up to $25,000 for each infraction. Prohibiting children from engaging in betting activities is one of the strict restrictions.
SB 172 establishes an annual privilege tax on adjusted gross income from online sports betting, with the exact tax rates to be set. This tax structure is made up of 20% from other sports betting wagers and 25% of adjusted gross revenue from particular bet categories. Monthly payments of these levies are expected from license holders of Type One sports betting.
The provisions of SB 172, should it pass the legislature and become law, are expected to go into effect on January 1, 2025, significantly altering the sports betting market in Georgia.