California Takes Steady Steps Towards Legalized Sports Betting

California Takes Steady Steps Towards Legalized Sports Betting

The state of California is finally inching closer towards its neighbor Nevada and working on a legalized sports betting plan. The step is being taken to fix the massive budget deficit that it faces this year.

Voting on a new bill

The California Senate Governmental Organization Committee recently voted to pass a new bill that could legalize sports betting in the state. It would propose legalization as a constitutional amendment to the Senate Appropriate Committee where the hearing is scheduled for June 9. The bill was introduced by Sen. Bill Dodd and Assemblyman Adam Gray which received a 9-3 vote from the Committee Democrats.

California Takes Steady Steps Towards Legalized Sports Betting

The Golden State is staring at a massive $54 billion budget deficit and sports betting provisions may help it in filling the hole. If approved, the new legislation is expected to bring $282 million in the first six months. According to Sacramento Bee and Eilers and Krejcik Gaming, it could also add $502 million to state taxes as the market matures.

Dodd noted that bring sports betting legalization to light would help the state in capitalizing on the opportunity. He noted that the activity is going on the state anyway so the state could go ahead and take leverage in this situation. Courthouse News suggests that California residents placed illegal bets worth $10 million each year.

When will California get a sports betting market?

The bill will allow all tribal casinos and racetracks to offer in-person sports betting opportunities. Online betting will be allowed. However, these steps still don’t mean that California is getting a legalized betting market anytime soon. To make its way to the ballot, the constitutional amendment must receive a two-thirds vote from the legislature before it gets approved via a majority vote during the November vote.

The state’s gaming tribes have an issue with the bill. They think that it is not right to give cardrooms additional gaming rights.

However, if the bill makes it through the complicated process of approval, it could help the state emerge in a big way on the sports betting scene. The state has 15 professional sports teams in four of the biggest sports leagues in the US. It is also home to 40 million people, some of whom are already placing bets illegally. New Jersey has already received $62 million in tax revenue via sports betting in the past two years with a population of just 8.8 million.

sherlock

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.

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