A suggested internet poker legislation in the Golden State is poised to grant a substantial allowance to the state’s equestrian competition sector. The stipulation? Although racetracks would receive a portion of internet poker earnings, they wouldn’t be permitted to manage their own internet poker sites.
The legislation’s backer, Representative Adam Gray, incorporated this agreement to attempt to placate the horse racing sector, which has been reluctant to endorse internet poker previously. Under the suggested alteration, a massive 95% of the initial $60 million in yearly internet poker income would go straight to the horse racing sector.
This fresh progress also signifies the legislation would be deemed an “emergency statute,” indicating it would become effective immediately upon receiving the Governor’s signature, assuming it clears both houses of the California legislature with a two-thirds supermajority vote.
Currently, the legislation proposes a 15% levy on all internet poker income, with permits being accessible to card clubs and tribal gaming venues that have been operational for a minimum of five years.
Nevertheless, it’s not finalized yet. While certain California tribes have signaled their readiness to back a restricted licensing framework for both tribal gaming venues and card rooms, along with the monetary concessions to the horse racing sector, they haven’t pledged their complete backing to the legislation just yet. Time is of the essence, though, as the cutoff for legislation to be presented in the 2016 legislative period is February 19th.