In a recent development, the Georgia Senate has successfully passed a constitutional amendment that provides an opportunity for local voters to determine the legalization of sports betting. This significant step has paved the way for the measure to be presented for its initial hearing in the House of Representatives.
Georgia has been considering the legalization of sports for quite some time. While there have been suggestions for a legalization that does not involve amending the Constitution, the General Assembly favors conducting a statewide referendum instead.
Sports betting in Georgia could soon be regulated by a newly established gaming commission under the Georgia Lottery Corporation, according to a proposed amendment. Alongside the constitutional amendment, the Senate has also passed an enabling bill that outlines the specific regulations for betting.
The previous suggestion outlines a plan to implement a 20% tax on betting. The majority, 80% of this tax, will be allocated to support Georgia’s HOPE Scholarships and pre-kindergarten initiatives. Additionally, 15% of the tax revenue will be dedicated to funding problem gambling treatment programs and organizations. The remaining 5% will be utilized to promote and support sporting events held within the state.
Sen. Bill Cowsert, the main proponent of the legislation, emphasized the crucial need to safeguard local consumers from potential harm associated with the legalization of betting. He specifically emphasized the vulnerability of young men, highlighting the importance of considering their well-being in the decision-making process.
In the meantime, Chuck Martin, chair of the House Higher Education Committee, is advocating for a change in the provision that allocates 5% of the tax money to attract sporting events. He believes that eligible organizations should have the opportunity to compete for these funds instead.
Not In It for the Money, Cowsert Says
According to more optimistic projections, Georgia’s sports betting industry has the potential to generate over $100 million in revenue. However, Senator Cowsert argues that a more realistic estimate would be around $50 million. Regardless of the exact figures, the Senator emphasizes that the state’s motivation for legalizing sports betting is not solely financial, but a response to the demand from constituents and sports teams.
Cowsert, however, emphasized that legalizing sports betting would provide an opportunity to promote Atlanta’s sports teams. He highlighted that sporting organizations are particularly optimistic about the potential of legalized betting to increase fan engagement in their games.
Supporters of sports betting legalization are running out of time as the 2024 General Assembly session draws to a close next week. Efforts to legalize sports betting are gaining momentum, but swift action is needed to make it a reality.
