There’s a reason they call California the Golden State, and the billion-dollar fierce competition expected to be created by online sports betting equates to the modern gold rush.
Those who led the promotion of legalized online sports betting in California were delighted with the official rally of over 1.6 million signatures on Tuesday and sent a second betting initiative to the state’s November ballot.
Previously, another measure limiting sports betting to “real store” facilities such as face-to-face betting and racetracks within tribal casinos also exceeded the 1 million signature threshold.
Due to the prevalence of tribal casinos and horse trucks in California, other venues such as Dodger Stadium, SoFi Stadium and Crypto.com Arena will land sports lounges on the premises like Wrigley Field and Madison landed. Will be put on hold. Square garden.
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Anyway, California’s sports enthusiasts have a population of 39 million, more than New York’s more than 19 million. Legalizing online sports betting is expected to generate wealth for taxable mothers.
Online betting measures allocate 85% of online betting taxes to support homelessness and mental health, and 15% go to tribes that are not on the market.
According to Nathan Crick, a California citizen’s homeless and mental health support solution spokesman, a California citizen’s spokesman who supports online betting measures estimates a 10% tax on online sports betting. The application will raise $ 500 million annually in California.
“This is the state’s greatest need, the greatest humanitarian challenge, and there is currently no permanent source of income for the services needed to free people from housing and the homeless,” Crick said. I am saying.
Sports betting measures must exceed 50% in favor to pass.
Proponents of in-store measures say this option is annoying because it targets online sports betting groups with TV ads and can allow minors to access adult accounts. Online betting group counters counter facial recognition, and background checks can counter such attempts.
Crick said both measures passed and could coexist in his own working model.
If the face-to-face tribe casino bill does not pass, the tribe who wants to participate in the sports betting business joins the tribes linked to the online sports betting bill (FanDuel, DraftKings, BetMGM) and creates their own online sportsbook. I can do it.
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If California requires betting to begin by August 29, 2023, the annual tax estimate predicts an astonishing $ 50 billion in online sports betting annually.
New York launched legalized online sports betting in January, betting a record $ 5.28 billion in the first three months of business and raising $ 167,392 million in state taxes. I created it.
New Jersey, Arizona, and more than 20 other states have reported a plunge in cash from taxes associated with the legalization of online sports betting.
“These states are using this income to solve major challenges. Tamera Kohler, CEO of the San Diego Homeless Regional Task Force, said in a prepared statement distributed by homeless and mental health advocates. I mentioned in.
The group reported on Tuesday that Polling in California showed that online gambling ventures have support from 59% of the residents surveyed.
The bill will be voted on November 8.
“This voting bill will provide cities like Fresno with a guaranteed source of funding to deal with the homeless,” Fresno Mayor Jerry Dyer said in a prepared statement released by the Homeless / Mental Health Group. Said in.
Los Angeles, San Francisco and San Diego are also suffering from the homeless crisis.
“We need an ongoing source of income to truly solve this critical problem and provide the housing, mental health and addiction treatments we need for our most vulnerable people,” said Dier. Says. “This initiative will do just that.”
