ATLANTA (AP) — A Georgia House panel is upping its ante on sports betting.
The House Economic Development and Tourism Committee earlier approved a bill that would legalize the practice and tax bookmakers’ profits at 14%. The committee on Monday approved a revised version that would tax profits at 20%. A competing Senate bill would tax profits at only 10%.
Republican Rep. Ron Stephens of Savannah, who is sponsoring the bill, has said previously that he wants a tax rate between 10% and 20%.
The bill mandates that the Georgia Lottery Corp. give licenses for sports betting. After companies pay winnings, the state would tax the rest.
Stephens estimated taxes would reap more than $30 million yearly for college scholarships and prekindergarten classes.