California November 2022 Ballot - Props 26 and 27
It makes much more sense to analyze these two propositions together rather than separately. The people behind/opposing each are intertwined as are the propositions themselves.
Prop 26 and Prop 27 both legalize sports betting in California.
Prop 26 would legalize sports betting with bets being made at Indian casinos and licenses racetracks in California. It does not permit online wagering. Ten percent of the profits from wagers placed at racetracks. It is backed by Indian tribes that operate successfulcasinos in California.
Prop 27 allows online sports betting and is backed by Fan Duel, Draft Kings and Bet MGM.
There is a lot of money at stake here. In the second quarter of 2022, sports-wagering revenue was more than $1.4 billion. That was a year-over-year increase of 58.7%. There would be a substantial profit for Indian casinos if Prop 26 passed and for the sponsors of Prop 27 if that passes.
There is an important fact in the paragraph below that is not getting any attention in the battle for and against Prop 26.
A "yes" vote supports this ballot initiative to (i) legalize sports betting at American Indian gaming casinos and licensed racetracks in California; (ii) tax profits derived from sports betting at racetracks at 10%; and (iii) legalize roulette and dice games, such as craps, at tribal casinos."
Indian casinos do not pay state income tax.
That makes the claims that only 10% of the profits earned through online better if Prop 27 passes irrelevent. 10% of the profits of something is better than 0% of Indian casino sports-wagering.
Help for the homeless is a red herring added to these propositions.
I am voting no on both.
Prop 26 and Prop 27 both legalize sports betting in California.
Prop 26 would legalize sports betting with bets being made at Indian casinos and licenses racetracks in California. It does not permit online wagering. Ten percent of the profits from wagers placed at racetracks. It is backed by Indian tribes that operate successfulcasinos in California.
Prop 27 allows online sports betting and is backed by Fan Duel, Draft Kings and Bet MGM.
There is a lot of money at stake here. In the second quarter of 2022, sports-wagering revenue was more than $1.4 billion. That was a year-over-year increase of 58.7%. There would be a substantial profit for Indian casinos if Prop 26 passed and for the sponsors of Prop 27 if that passes.
There is an important fact in the paragraph below that is not getting any attention in the battle for and against Prop 26.
A "yes" vote supports this ballot initiative to (i) legalize sports betting at American Indian gaming casinos and licensed racetracks in California; (ii) tax profits derived from sports betting at racetracks at 10%; and (iii) legalize roulette and dice games, such as craps, at tribal casinos."
Indian casinos do not pay state income tax.
That makes the claims that only 10% of the profits earned through online better if Prop 27 passes irrelevent. 10% of the profits of something is better than 0% of Indian casino sports-wagering.
Help for the homeless is a red herring added to these propositions.
I am voting no on both.
posted by me at 9:38 PM
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