The economic downturn stemming from the reaction to the COVID -19 pandemic is causing a drop in tax revenue as well.
In California, several lawmakers looked at the budget deficit and decided that one of the easiest ways to alleviate the shortage was to legalize sports betting in the country’s most populous state.
According to a report from the New York Daily News, Senator Bill Dodd and Assemblyman Adam Gray, both Democrats, filed a bill that would amend the state’s constitution, making retail sports betting law and online legal visit Slot LuckyMpo in Gold State.
The spread of the coronavirus and business closings in response to it led to a $ 54 billion deficit in the state budget, according to Governor Gavin Newsom. Sports betting is the only new market that countries can use as a new revenue stream to help reduce that number.
“The amount of money that can be raised for the benefit of the state with online betting is estimated at $ 700 million per year,” Dodd told media. “We’re looking to get that revenue for a COVID-type budget where we need to look for every opportunity to increase our income at a time when we have to make a lot of cuts.”
Like other countries that have voted to change the country’s constitution, voters will have the final say on this issue through a ballot referendum on this issue this November, if the bill is passed.
The bill will impose a gross income tax on brick-and-mortar bets at a 10 percent rate, while income from online sportsbooks will be hit at a 15 percent rate. The operator will pay an initial $ 5 million licensing fee and a $ 1 million annual fee for the online book. Licensors will be required to send one percent of all revenue to help fund problem gambling programs.
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