California Sen. Lou Correa, D-Anaheim, explained that his proposed SB40 bill brings the cash strapped state a quick $250 M by requiring advance licensing fees from online poker rooms. Previous finance manager Timothy Gage predicted it could generate more than 1,200 jobs and adds $1.4B to state coffers over the next decade.
Correa’s proposed bill would permit each Native American group and state-licensed poker room run their own On-line poker site, while using the state existing poker room laws. It will bar other internet gambling, apart from betting on horses.
Sen. Rod Wright, D-Inglewood, has introduced a similar bill, SB45, which would permit internet poker along with other types of wagering online.
His bill would permit 3 online poker sites that would grant 10 % of their gross income to the state. Internet gambling agents supported the bill, however earlier variations had been opposed by tribes and brick and mortar rooms. A preliminary study, Wright estimates, would provide the state a projected $2.4B to$6.1B over 8 years.
Wright heads the Governmental Organization Committee that hopes to advance the bill this January.
Proponents claim greater than 1.5M Californians play on-line poker every week and that poker regulation is an untapped revenue source that the state desperately needs.
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Mon, Jan 2, 2012
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