The debate for and against Proposition 27 took another turn when a group of Native American Tribes against the proposed California Sportsbook Bill launched an attack ad. The group is composed of more than 60 tribes.
According to political news reports, Californians will vote on two sports betting measures. Prop 27 has the support of sportsbooks, and it would allow mobile betting. On the other hand, tribes support Prop 26, which would allow sports betting at tribal casinos and horse racetracks. It would enable the tribes to maintain their monopoly on the state’s gaming operations.
On Monday, the tribes released an ad that accused sportsbook operators of lying about Prop 27. The TV ad claimed that sportsbooks would retain 90 percent of the profits. Also, the tribes argued that the ten percent tax was too low and would allow sportsbook operators to profit at the expense of players in the state.
Tribes Opposed Proposed California Sportsbook Bill
However, basketball betting picks experts said that the ten percent tax is within the national average range. Nineteen states with legal sports wagering have tax rates of 15 percent or less. Also, eleven states have tax rates of less than ten percent.
New York is one of the states with a high tax rate for sports betting. It imposes 51 percent on sportsbook operators, bringing $1.05 billion in tax revenue for the state in June. Pennsylvania has a tax rate of 36 percent. On the other hand, Iowa and Nevada have the lowest tax rates at 6.75 percent.
The attack ad is the latest move in the state battle for legal sports betting. Insiders expect sportsbooks and the tribes to spend more than $224 million on ads alone. But, once it becomes legal in the state, you can beat the bookies with sports hedging.