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California lawmakers are working to pass a measure that would legalize online poker. The state, which has been among the hardest hit by the current recession, would welcome some already existing online poker rooms, Gambling911.com has learned. State representatives are slated to be speaking at an upcoming online gambling conference.
California had tried to pass a bill legalizing online poker last year.
"Their only obstacle is not a federal clampdown on Internet poker but rather the Indian casinos that will fight tooth and nail against it," a source tells Gambling911.com.
A bill was introduced last year, the California Gambling Control/Intrastate Online Poker Legalization Act, that intended to commission a full and proper study of the online poker phenomenon with a view to legalising the pastime in California. Eventually that same bill added language that included the legalization of online poker.
The financial crisis what is the world's 8th largest economy continues to grow with every passing day.
"Legislators are desperate," said our source. "They understand the money that can be generated from a multi-billion dollar industry."
A $42 billion shortfall is expected over the next 17 months.
Citing politicians' failure to act, Standard & Poor's on Feb. 2 cut $46 billion of California's full-faith-and-credit debt to A from A+, making the largest tax-exempt borrower the lowest rated state, behind Louisiana. California's 10-year general obligation bonds are already paying a record 1.23 percentage points in yield above benchmark municipal debt, according to Bloomberg indexes.
Christopher Costigan, Gambling911.com Publisher
