The fight for online gambling legalization continues in California, as state senator Lou Correia points out the $25 billion budget deficit the state is fighting against. He argues, if online gambling would be regulated, the state’s financial situation would considerably improve during the next ten years.
The bill supposed to legalize online gambling is already on the debating table. Senator Correia explained the bill would also set up high security standard requirements for online casinos:
“This will ensure players are protected from fraud or theft, which occur frequently at illegal, offshore poker sites. The bill also includes safeguards to prevent minors from being able to gamble online, protecting California’s children.”
According to him, about 2 million Californians gamble online in the state, which spend about $13 billion every year at unregulated sites. Unfortunately none of this money is taxed in California. If the infamous bill called SB40 will be accepted, it would significantly increase tax revenue, but also create needed jobs for the residents.
He quotes Finance Dept. Director Timothy L. Gage, who points out in a report that online gambling legalization would bring in one billion dollars annually to the state treasury. Among other things mentioned in the report was the fact that 66% of Californian residents are pro legalization.
Several economics experts and analysts agree that California is in a very deep and severe debt crisis. If this will determine state legislators to finally approve the bill remains to be seen. Spirits are high nonetheless.
