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The California Online Poker Association has released an economic impact study that has revealed that the installation of an online poker system will generate as much as $1 billion in California state revenues in the next ten years and create 1,100 new jobs. The web site also shows that California is facing a $26 billion budget deficit and a 12 percent unemployment rate.
To help balance the state’s budget without new taxes, State Senator Lou Correa a Democrat representing Santa Ana, authored Senate Bill 40. The bill is also called California First, The State Funding, Job Creation and Online Gaming Accountability Act.
Senator Correa commented, “Governor Jerry Brown is rightly looking to not only cut costs, but to also identify new sources of long-term revenue to help balance the state budget and to continue funding important public services including education, public safety and healthcare,” Correa continued, “There are no silver bullets but Senate Bill 40 is a great opportunity to immediately generate more revenue and put Californians back to work. More importantly, it keeps California revenue and jobs here instead of going out-of-state or offshore.”
In a separate study conducted by Tulchin Research results showed that nearly two thirds of Californians support the installation of an online poker system to help balance the budget and 84 percent prefer a state-regulated online poker system that keeps jobs and revenue in California.
Former California Finance Director Timothy L. Gage conducted the economic impact study which concluded that such a move would help Californians in many ways to support important public services such as schools, law enforcement, fire protection, road maintenance and healthcare and create much needed jobs in the state.
California faces a budget deficit of more than $28 billion and a record 12 percent unemployment rate. Almost two million Californians wager $13 billion playing unregulated online poker; 60 percent of all players in America most of which leaves the state for offshore locations.