Lakers News: Fans in California can’t bet on the team anytime soon.
The state of California currently has a population of 41 million people and many of them are sports fans. It has consistently grown at a rapid pace. As many people leave for better flexibility, many more people pour back in from other states looking for big opportunities.
The state currently sits at a deficit of $54 billion and only continues getting worse with COVID-19. Looking for ways to help alleviate the financial crisis, California has added gas taxes and cut budgets.
One way the state can help generate revenue is by legalizing sports gambling. It is already done in the state through offshore betting and websites. So essentially, California is gambling and the state is seeing nothing of it.
There are no taxes on winnings, so if someone wins a $1 million bet, California is benefiting nothing from it. There has been many advocates that have wanted to put it on the ballot and it was set to go in the November 2020 ballot.
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Those plans were put on hold as it was announced it would no longer be considered. The earliest legislators are looking at is the 2022 or 2023 ballot. Not the greatest Los Angeles Lakers news for those looking to make some money on the team.
Sports gambling is one of the premier money-making businesses in the world. A 10% tax rate could generate up to $900 million in year one alone. As it continues to grow, revenue would exceed over $1 billion a year.
That could go a long way in helping shore a budget deficit and clean up roads and homelessness. California alone has 17 professional sports teams. Including two powerhouse gambling avenues in the Los Angeles Lakers and Los Angeles Clippers.
Both NBA teams in Los Angeles were the highest picked teams to win the NBA Finals. They will continue to be two of the highest sought out betted teams as well for the foreseeable future.
With superstar names like LeBron James, Kawhi Leonard, Paul George and Anthony Davis, it’s a bettor’s fantasy world. Not only do people bet on teams to win, but they also bet on MVP odds and single-player odds.
Lakers News: Gavin Newsom’s comments on sports gambling in the state
In a conference, Gavin Newsom addressed the issues that lie ahead. He touched on what the hurdles are to help making it a reality on the ballot (h/t LA Times).
“It’s more complicated than it appears because there are so many different players. And we’ve got to accommodate for those concerns – card rooms, tribal interests – [and] obviously address all those issues together.”
There needs to be a middle ground that allows the states and tribal to come to an agreement.
“Native American tribes also oppose online sportsbooks, preferring to have sports betting only at casinos – a move that might bring more bettors to their resorts.” via onlinegambling.com.
The common ground here is the tribes are also working on getting it onto the ballot. They believe they can benefit from it while also helping the state.
Overall, the tribes and the state can compromise on helping each other. California could become the Mecca of sports gambling. The state would see revenue and the tribes would see people pour in from all over the world to bet.
People in casinos means more drinks bought while watching games, more money in machines, more food purchased, sports betting continuing to grow. If there is an agreement it could help both parties be in a win-win situation.
It remains to be seen how negotiations go, but sports betting could go a long way in helping the state’s deficit. The two Los Angeles teams alone would generate millions in revenue.