California voters will decide the fate of seven statewide propositions on Nov. 8. Here’s what you need to know about Proposition 1.Proposition 26 would legalize in-person sports betting on tribal lands and at four horse-racing tracks. The racetracks would pay a 10% tax on sports-wagering profits, a portion of which would be used for legal enforcement and problem-gambling programs.
Proposition 27 would allow licensed tribes and gambling companies, including FanDuel and DraftKings, to offer online sports betting — including on cellphones and other mobile devices. The gambling companies must be affiliated with a tribe. Both the tribes and gambling companies must pay 10% of the sports bets made every month to the state, minus expenses.
Along with covering state regulatory costs, most of the money raised would be used to address homelessness and to help people with gambling addiction problems. A smaller portion, 15%, would be given to tribes not involved in online sports betting. California’s major gaming tribes support Proposition 26, and fear that competition created under Proposition 27 would cut into a major part of California’s gambling market at tribal casinos. Supporters and opponents of the two measures already have poured hundreds of millions of dollars into the campaigns.
Source: Car News Wire (carnewswire.net)
Hopefully wind will change election outcome
Voted no on all of them.
Slight correction, you use the word 'wealth tax' to refer to prop 30. Prop 30 is a tax on income above 2 mil, not a tax on wealth. The description is clear but the section title is wrong.
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