In November 2022, California citizens will have the opportunity to vote on legalizing sports betting. An initiative by the state’s Native American Tribes collected enough signatures to put the bill on the ballot.
The bill calls for sports betting in-person to be allowed only in one of the state’s Native American-owned casinos and state-licensed racetracks, and only for people over 21.
People would be able to bet on professional teams, with the state being home to some of the most valuable teams in the US, as well as out-of-state college games, and amateur sporting events. However, this doesn’t include high school games or events that involve California college teams.
Online betting is not the only thing included in the bill — roulette and craps would also be allowed.
The online gambling industry is expected to reach over $100 billion by 2026, and allowing online gambling would earn the State of California about $3 billion. Current estimates are for $1 billion without online gambling.
Moreover, many critics are pointing out that California is late to the game. Many states have approved sports betting laws since it was legalized in 2018.
Those states have generated $3.2 billion in revenue and have collected about $534 million in taxes. Pennsylvania leads the way with $134 million in tax revenue, followed by New Jersey with $132 million, and Nevada with $61 million.
The measure will allow California to impose a 10% tax on gross revenue. The money would go to public safety, mental health programs, education, and regulatory costs.
There is still plenty of time until November 2022, and there is a lot of opportunity and potential in California, the largest state and market in the US.
