Legalization Of Sports Betting In California: What’s The Latest Scoop?
There are two referendums up for vote in California regarding sports betting in November 2022. The first one is to legalize just retail sports gambling, the second one regarding mobile sportsbetting. If passed, Californians can bet on sports while on the move.
Proposition 26 would permit sports betting in-person at horse-racing facilities and at tribal casinos. Proposition 27 would legalize sportsbetting online on websites managed by California tribes or corporations that collaborate with them. It is supported by various betting platforms, including DraftKings and FanDuel.
Proposition 27 seeks to reduce illegal betting by imposing fines on users of such websites and establishing a new enforcement division at the state Department of Justice. It is also anticipated to increase tax revenue by up to $500 million year. Sports betting tribes and businesses would be required to pay a 10% tax on all wagers. The remaining money would go to combat homelessness.
Proposition 26 will legalize sports betting in California. It will raise tens of millions of dollars each year for general revenue, sports gambling regulation and initiatives to treat gambling addiction. Tribes would negotiate their tax payments under agreements with the state. Rancks that provide sports bets would pay the the State 10% of the bets taken.
The opponents of the two bills are concerned about the legalization of marijuana and gambling. They are worried about high taxes and addiction to gambling online. They argue that legalizing sports betting will help eliminate unregulated gambling grey markets.
