The Senate and the State Assembly held a joint meeting Wednesday to discuss the possibility of legal sports betting in California. The goal of the first sportsbook hearing was to collect data from integrity supporters, sports leagues representatives, and people from the legalized gambling industry.
One thing that most attendees agree that betting on sports happens in the state, whether it is through offshore online sportsbooks or old-fashioned bookies. Legalizing the activity will provide better protection to consumers. Also, it will offer better transparency on an industry that’s remained hidden in the shadows.
According to a political forum, a regulated market is the best way to ensure the integrity of the industry. It becomes more transparent than before, and people can easily detect suspicious activities. Also, illegal operators don’t comply with investigations. By allowing legal sportsbooks to operate, it will reduce the size of the sports betting black market.
First Sportsbook Hearing in California
The legal sports betting industry earns around $1 a year, according to payperhead betting software insiders. They expect the number to grow over time. By the end of 2023, legal sports betting can earn around $6 billion.
California is a significant sports market with five MLB teams, four NFL clubs, and four NBA squads. It has the potential to earn around $2.5 billion a year. If California regulates sports wagering, it can bring a significant amount in tax revenues.
However, some lawmakers are still doubtful about the revenue from sports betting. They compare legal of sports betting to legal marijuana, which failed to bring in the promised tax revenue.
Industry experts said lawmakers should make California sports betting competitive. For instance, they should keep tax rates below 20 percent. At present, the average tax rate for legal sports betting in the US is 19 percent.
Once legal sports betting is available in California, residents, and visitors of the state don’t need to look for a bookie in Douglas Grosse Carara Costa Rica or any offshore site.