Regular readers of this space, you are no doubt aware of the high stakes involved in the overall legalization of gaming in California. After a brutal legislative session that saw copious amounts of money spent on political ads for and against overall legalization across the state, the Golden State is once again at a standstill regarding sports betting in the state. In fact, a recent report from Los Cerritos News highlights the amount of income being made from sports betting in other states and also brings up to speed on the current state of gaming affairs in the Golden State. Indeed this look-in provides some context on what kind of gaming revenue is being seen across the country and also the hold-ups being seen in California as of right now.
In this article, SBS will be going over what to look for from the latest gaming news in the Golden State and also more thoughts about California betting.
As many of you have perhaps surmised by now, tribal powers in the state are gridlocked with national gaming companies on the future of gambling in California. Per the report, the state’s Tribal casinos currently have a “monopoly on casinos in the state” and are estimated to bring in over $8 billion a year. Those numbers rival the revenue generated from Vegas casinos, giving the Tribes plenty of reason to stand their ground against a new gaming movement in the Golden State. The report also notes that while they could offer their own sports betting under a new law, the fear is that “the ability to bet online would drastically lower the number of people visiting their casinos.”
As it stands right now, tribal opposition to legal sports betting in California has already stopped efforts to bring it to a vote in the last three opportunities. Of course, as the article notes, there are already signs that sports betting may get enough support again for its next outing and subsequent ones as well. On a final note, the report from Los Cerritos believes that most residents would vote “yes” on sports gambling legalization but it will again come down to negotiating a deal with the state’s Tribes. This also factors in overcoming the advertising campaigns against sports wagering as well.
According to the Los Cerritos article from early last month, the states with the top five amounts of tax revenue from sports betting are New York, Pennsylvania, New Jersey, Illinois, and Tennessee. Nevada, which is in many ways synonymously known for gambling, was sixth with the rest of the country trailing behind. Last year was a huge one for the sports betting industry in the U.S. per the American Gaming Association, with states combining to bring in $1.5 billion in tax revenue. This was a large jump from 2021, thanks mainly to New York and other states allowing for sports betting. In fact, New York led all states in tax revenue at $691 million.
As the article notes, while this is of course an impressive mark, you can expect it to be topped once again in 2023. As of mid-March, states have reported $2.6 billion in tax revenue from sports betting. This is a large jump from the prior year, and it is already surpassing projections set by the states.
After you are all squared away getting your fill on the latest gaming news from California, SBS has you covered with a ton of other awesome betting-related resources. If you are in need of a spot with consistent Golden State facts, then our California sports betting guide is a great place to always check in with the latest information from the state. Moreover, regarding deposits and withdrawals, the SBS payment methods breakdown is a great page covering all kinds of payment options. Here you can find which options suit you the best from crypto to traditional banking routes. Finally, for those that are perhaps considering some more high-stakes wagering options, our VIP sports betting sites rundown is full of great info and if VIP betting is the right fit for you.