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    Sports Betting

    $30 Billion Bet

    By
    Jun 02, 2020 | 06:50 am
    UPDATED Jun 02, 2020 | 06:50 pm
    Golden State
    Photo Credit: Kyle Terada-USA TODAY Sports

    Sports betting could become legal in California later this year, opening up a $30 billion annual handle. A proposal in the legislature needs to garner 60% approval and be signed by Gov. Gavin Newsom by June 25 to ensure its place for a public vote in November.

    Analysts estimate California could generate between $500 million and $700 million annually in taxes by implementing a 10% tax on gross revenue for in-person wagering and 15% on mobile or online sports betting. New Jersey, the nation’s largest sports betting market, has a 13% online sports betting tax rate and 9.75% take on retail sportsbooks.

    State Taxes Collected Since May 2018 From Sports Betting:

    • New Jersey – $57.8 million
    • Nevada – $39.3 million
    • Pennsylvania – $42.1 million
    • Total From 12 Active States – $198.5 million

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