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https://www.cardplayer.com/poker-news/25101-california-tribes-win-sports-betting-lawsuit-get-extra-time-to-collect-signatures
Says 90 day extension for this November 2020, there was another one as well but can’t see it now.
Anyone know of a full list of the states we have licenses in? Also seeing some articles stating the tribes have had a 90 day extension to get their initiative on the 2020 ballot rather than 2022. Can anyone confirm this? There are conflicting articles, some saying 2022 and some 2020
The tribes want online sports betting eventually there is way too much money in it for them. Their current deals with the government don’t allow them to do online sports betting so they will need to renegotiate. When the tribes introduce the online element the horse tracks and webis will be included. I imagine there will be restrictions on who Else can gain the licenses so it restricts the amount of competition all the while the tribes would have a competitive advantage with the reduced tax they pay compared to webis and other competitors meaning they can offer better odds than anyone else. I wouldn’t be surprised if the tribes get this on the 2020 ballot with the amount of influence they have.
The next target to look at is New York we hold a license there which is probably the next opportunity for us. There is currently a study going on looking at the financial benefits of online sports betting for New York, should be due in the next coming weeks and should be positive. If it is positive I think the gears in New York will start moving quite quickly especially due to the fact they are basically losing significant tax revenue to New Jersey by people crossing over to bet. Also their massive budget deficit!
California is a shame but the tribes will get this across the line in their own way. I don’t believe that they don’t want the online element to sports betting the cash prize for them is huge! I think it’s all smoke and mirrors so they can squeeze as much money out of it by dominating the market and paying as little tax to the state as they possibly can. We will see where that goes in July when they have their court hearing. From what we have seen though they have a lot of influence to get this through and Unfortunately they are the key to Online sports betting for California.
This is once again a bottom drawer share but America is clearly opening up to sports betting fast and I think it will be coming back out that drawer fairly soon especially looking at New York.
On a final note has anyone heard anything about challenging the law prohibiting gambling In California and that it does not apply to online sports betting. This is because the actual law prohibits any type of gambling that is similar to A New Jersey or Nevada type casinos in the 1980s. It’s hard to explain but It has cropped up a couple of times in research and that instead of changing the law by legislation we should look at overturning the law altogether (similar to what New Jersey did) as online sports betting was not around when the law was made and doesn’t fall into types of gambling in a 1980s New Jersey or Nevada type casino as online sports betting did not exist. Hard to explain but definitely worth some research for anyone out there.
Il be holding all of my shares as I bought in cheap and will be adding more when I can. This will come right in the end especially in 6 months/ a year when the economy is in even more trouble and the real desperation kicks in for these states to find more sources of revenue.
Although this will be a blow for webis it has bought light on illegal sports betting in California and the need to legalise it and tax it whether that be this year or in two years time it will happen. Hopefully the share price reflects that tomorrow And we don’t see too significant of a drop
Let’s remember the tribes have a bill that could be voted on in November and I’m sure it will be changed to include online betting. The tribes want full control of the Sports betting market and it looks like they will be getting it, hopefully horse tracks (webis) will be grouped in with them. This is not Just about online sports betting for them this is about the tribes squashing the card rooms. Also there is New York to look at that looks primed to pass online betting possibly next year. Could be another year or two for all of this to happen though.
I think the reason for the 3 year delay in online betting is the tribes cannot legally offer online sports betting straight away as it is not Currently included in their deals with the state. They only have control of gambling on sovereign land and online betting is not included In that as far as I’m aware. Therefore they would have to re-negotiate their deals with the state and this all takes time. If they didn’t have this cooling off period (3 years) the other entities that could offer online sports betting straight out the gate would have a huge advantage over the tribes.
Just think of the cheaper deal the tribes will be able to negotiate tax wise with the state meaning they can offer better odds than competitors and get more people signed up to their sites over competitors. I think the bill will contain more restrictions on the card rooms before it passes but the state needs revenue streams such as this in the years to come. And passing the bill secures tax from the card rooms and tax from sports betting.
The california government are desperate to not make cuts. Passing sports betting must be be playing on legislators minds while they scramble around for revenue. The worse the budget situation gets the more convinced I am this will be pushed through
"This could allow tribes to go directly after cardrooms over the way they offer traditional house-banked games like blackjack". I hope Dodds is arguing the genuine impact that would have for California if Card rooms are shut down by the tribes. Think of the tax implications of the tribes doing this. The Card rooms currently employ tens of thousands of people and also pay tax into the system. If the tribes got their way California would be losing more future tax revenue and giving it to the tribes who as far as I can see pay very little.
I think the tribes have lost control of the wheel on this and with the budget deficit looking how it is Dodds bill has a genuine chance of passing.
If there was no covid-19 budget deficit I would say absolutely no chance of passing with the tribes against it. However the situation is looking worse by day for the state. It will certainly be an interesting couple of weeks coming. up.
This is such a complicated situation unfolding. People saying this will not pass because of the tribes. California have a huge deficit and by the looks of it they’re depending on a federal bailout which isn’t coming. They will have to look at bills like this for revenue. Has anyone looked into how much tax the tribes paid into the state the last few years? I’m sure it’s much less than you would expect. However the card rooms all pay tax and employ tens of thousands of people. This bill keeps them jobs and tax revenues safe while the tribes bill puts them at Jeopardy. At the end of it either bill benefits Webis, one more than the other though. There are also other states that we have licences in That are looking more likely in the near term than California.
It looks like New York are well on their way to legalising online sports betting. I know California is the big news everyone wants but New York looks like it could be in the bag. I wonder what revenues that would bring in for Webis?