Battle over sports betting in Calfiornia shapes up – Press Telegram

More than 20 states have already legalized sports betting following a 2018 Supreme Court ruling that withdrew the federal ban, and California’s interest in games is now stepping into heavyweight battles. I am.
Native American tribes have recognized a November 2022 voting initiative to legalize on-site sports betting at tribal casinos and racetracks. However, other types of licensed gambling businesses, such as cardrooms, are prohibited from offering sports betting, and this initiative approves private proceedings to enforce the law.
It didn’t go well with the cardroom. Working with city officials, they submitted their own initiative in August and are now called “California’s solution to homelessness, public education funding, affordable housing, and ways to reduce gambling addiction.” increase. The bill says, “It’s rude that illegal businesses are benefiting hundreds of millions of dollars from California consumers without providing tax revenues to support the state’s needs for improving public services and the economy. That’s it. “
The Cardroom initiative promises a high licensing fee, plus 15% plus 1% of the total amount of “honest, regulated and taxable safe and legitimate online and mobile sports betting market”. Target operators include “but not limited to” racing associations, federal-approved Indian tribes, licensed gambling facilities, and professional sports teams (Major League Baseball, National Hockey League, NBA, NFL, WNBA, etc.) Major League Baseball Soccer Team) is included. Online or mobile betting.
A third initiative is currently being submitted to legalize sports betting. Backed by major gaming companies such as DraftKings, BetMGM, FanDuel, and Bally’s, it’s called “California’s Solution to Homeless and Mental Health Support Acts.” Proponents say they complement initiatives from Native American tribes by legalizing online gambling, but only if the operator is affiliated with a tribal casino or racetrack. The bill will set up a new fund in the Treasury to collect tax revenues and divide it into 85-15 between “Solutions to Homeless and Mental Health Support Accounts” and “Tribal Economic Development Accounts”.
You can bet on this: If the state’s experience in legalizing marijuana is a guide, high taxes and over-regulation are certain that illegal bookmakers will continue to rake it up.
Battle over sports betting in Calfiornia shapes up – Press Telegram Source link Battle over sports betting in Calfiornia shapes up – Press Telegram


