Another state is looking to bring in some sports betting tax revenue in 2021. In a filing to the state legislatures, Georgia Republican Ron Stephens and five other co-sponsors are attempting to push forward sports betting in the Peach State.
The proposed bill would give sports bettors six online-only sportsbooks with remote registration. The model that Georgia would institute will be similar to Tennessee. Tennessee adopted an online-only sports betting model, and the Tennessee Education Lottery oversees sports betting in the state.
In Georgia, plenty of sportsbooks will look to gain access to the 10 million people that inhabit the Peach State. Each one will be vying for a license as many states in the south have yet to hop on the sports betting bandwagon and offer sportsbook promos.
Georgia Sports Betting Could Gain Traffic From Florida And Other Neighbors
Georgia is uniquely placed within the country. According to a fact sheet from the Hartsfield-Jackson, Atlanta airport, they are located within a two-hour plane ride from80% of the US population. The Atlanta airport is home to 150 US destinations and more than 75 foreign destinations in 50 countries.
Garnering interest from sports bettors who are waiting for flights is not the only point of interest for the state. Most of the southern states in the US have resisted online sports betting to this point. In fact, only Tennessee has opted to legalize sports betting in that area.
Florida is looking to right this wrong as they are attempting to legalize sports betting. However, there are legal hoops to jump through in order for that bill to hit the governor’s desk.
Ideally, Georgia will be able to use its location to bring in clients who may or may not be traveling. Furthermore, its proximity to Florida, a state with a massive population, could bring in additional revenue.
Does The Bill Have A Chance?
The bill proposed would include a $900,000 annual fee. This would be paid by the sportsbook to the state on a yearly basis. There is also a $50,000 license application fee to all sportsbooks who are applying for the license.
Moreover, Georgia would make a 16% tax revenue on adjusted gross sports wagering income. These are massive numbers for the state so it should definitely make legislatures happy.
However, there was a similar bill that failed last year. The bill got approved by the House but was rejected by the Senate.
The expectation is that this bill will get through the House, whether it progresses through the Senate and onto the governor’s desk is yet to be seen.