California Voters Approve Online and Retail Sports Betting In November
LAS VEGAS, PRNewswire/ - If California voters approve online and retail sports wagering in November it will unlock to a market that has the potential to produce more than $30 billion in wagers annually, according to forecasts from PlayCA.com, which examines legalized gaming in California. Those wagers would create some $2 billion in operator earnings and $300 million in state taxes each year.
" California is the holy grail of sports betting markets, and not just since of its sheer size," said Dustin Gouker, chief analyst for PlayCA.com. "It appears that legislators are working to put in location a structure that will make California distinctively appealing to every major operator. And since it has the prospective to be the biggest legal sports betting market in the U.S., ultimately it represents a seismic shift in the industry."
The California assembly took a considerable step towards the legalization of online and retail sports betting in the Golden State on Thursday by including execution details to ACA 16 and SCA 6. The new language in the bills, which were initially presented in June 2019 by Sen. Bill Dodd (D-Napa) and Assemblyman Adam Gray (D-Merced), would amend the state constitution to:
- Authorize retail and online sports betting at the state's tribal gambling establishments and racetracks if approved by voters, but not at the state's cardrooms.
- Set a tax rate of 10% on gross income for in-person wagering and a 15% tax for mobile or online wagering.
- Impose taxes on the platform operators rather than directly by the tribes, to avoid sovereignty problems.
The tax rates are affordable within the context of legal U.S. sports betting jurisdictions. By contrast, New Jersey, the country's largest online sports betting market, imposes a 13% tax on online sports wagering profits and 9.75% tax on revenue from retail sportsbooks.
LAS VEGAS, PRNewswire/ - If California voters approve online and retail sports wagering in November it will unlock to a market that has the potential to produce more than $30 billion in wagers annually, according to forecasts from PlayCA.com, which examines legalized gaming in California. Those wagers would create some $2 billion in operator earnings and $300 million in state taxes each year.
" California is the holy grail of sports betting markets, and not just since of its sheer size," said Dustin Gouker, chief analyst for PlayCA.com. "It appears that legislators are working to put in location a structure that will make California distinctively appealing to every major operator. And since it has the prospective to be the biggest legal sports betting market in the U.S., ultimately it represents a seismic shift in the industry."
The California assembly took a considerable step towards the legalization of online and retail sports betting in the Golden State on Thursday by including execution details to ACA 16 and SCA 6. The new language in the bills, which were initially presented in June 2019 by Sen. Bill Dodd (D-Napa) and Assemblyman Adam Gray (D-Merced), would amend the state constitution to:
- Authorize retail and online sports betting at the state's tribal gambling establishments and racetracks if approved by voters, but not at the state's cardrooms.
- Set a tax rate of 10% on gross income for in-person wagering and a 15% tax for mobile or online wagering.
- Impose taxes on the platform operators rather than directly by the tribes, to avoid sovereignty problems.
The tax rates are affordable within the context of legal U.S. sports betting jurisdictions. By contrast, New Jersey, the country's largest online sports betting market, imposes a 13% tax on online sports wagering profits and 9.75% tax on revenue from retail sportsbooks.