Crypto Betting Stays on the Sidelines as Georgia Fails to Legalize Sports Wagering

The latest attempt in Georgia to legalize online sports betting has failed. The state legislature adjourned without voting on two key bills.

House Resolution 450 and House Bill 686 fell on 6 March, dubbed Crossover Day, the deadline for bills to pass one chamber and move to the other for further consideration. As such, legalization efforts in Georgia are dead for another year.

Proposed Licensing and Taxation Framework for Georgia Sports Betting

HR 450 was simply a resolution to put a constitutional amendment on the November 2026 ballot, allowing voters to decide whether to legalize sports betting in the state.

HB 686 was more comprehensive, outlining the complete regulatory and taxation framework for online sports betting were it to pass into law. The bill proposed a maximum of 16 licensees for operators, with a tax rate of 24 percent on adjusted gross income after a tweak from the initially proposed 20 percent.

From a licensing perspective, the structure would have been as follows:

• Five licenses for Georgia’s professional sports teams.
• Three licenses for the PGA Tour, Augusta National Golf Club, and Atlanta Motor Speedway.
• Seven licenses untethered, available through a public bidding process.
• One license for the Georgia Lottery to run its own digital betting platform.

The untethered licenses would be vetted by the Georgia Lottery Corporation, which would regulate the sports betting market. Given that none of the operators currently accept digital currencies in the United States, it is unlikely that any crypto sportsbooks would be granted a license.

It would have generated a $100,000 non-refundable application fee and a $1 million annual licensing fee. The Peach State would also not have permitted collegiate prop betting.

The tax revenue earmarked from tax receipts would have been primarily distributed to education. In the State, 85 percent of the first $150 million would have been allocated to pre-kindergarten programs and scholarships. The other 15 percent would have been ring-fenced for problem gambling prevention and support services.

Legalized sports betting in the Peach State had strong support from the state’s professional sports teams, including the Atlanta Falcons, business groups and Lt. Gov. Burt Jones. Rep. Wiedower, the sponsor of HB 686 commented: “I believe strongly — and Georgians by wide margins agree with me — that this change will only bring in much needed revenue to educate our youngest learners but also provide consumer protections that don’t exist in today’s black market.”

Rep. Mike Collins’ Push for Cryptocurrency Acceptance

There remains a disparity between gambling legalization and the pace of cryptocurrency adoption. Georgia Representative Mike Collins, an outspoken advocate of “emerging technology and alternative financial assets,” recently announced that his campaign would accept cryptocurrency.

“America has been held back by our reluctance to adapt to emerging technology, whether that be AI, machine learning, or alternative assets like crypto. I hope that by introducing this platform, I can destigmatize the crypto industry and advance the future of global finance and innovation,” commented Collins.

He hopes to spur change at a federal level, continuing: “If our nation is going to continue to be competitive in the global financial system, we must adapt. Alternative digital assets — Bitcoin, Ethereum, altcoins, memecoins, etc — have widespread adoption almost everywhere but in Congress. My campaign’s acceptance today hopefully changes that.”