Gaming Commission. Sports Wagering.

GAMING COMMISSION. SPORTS WAGERING. INITIATIVE CONSTITUTIONAL AMENDMENT AND STATUTE. Deletes constitutional prohibition of lotteries by Legislature. Amends Constitution to provide Legislature shall consolidate regulation of all forms of legal wagering in a single State Gaming Commission. Adds statute to: authorize wagering on results of sporting events; create California Gaming Commission to regulate and license sports wagering; require local authorization for sports wagering establishments, except specified horse racing track operators; impose tax upon gross receipts. Subject to annual budget act, appropriates revenues for specified senior citizen services (50%); to local governments authorizing sports wagering (45%); to Gaming Commission (5%). Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: This measure would appropriate $5 million from the General Fund in 1990-91, conditioned on the repayment of that amount plus interest in 12 months. For each $1 billion of sports betting, the state would collect $3 million in revenue, to be divided among the State Department of Aging, local participating governments, and state administrative expenses. The state General Fund may be required to pay a portion of the administrative expenses of the commission, which would amount to several hundred thousand dollars per year. Reductions in state lottery and horse racing revenues will likely exceed the revenue from sports betting by substantial amounts