California Has Spent $364M Advertising For The Sports Betting Ballot Measure

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Bloomberg estimates that CA spent $364M to advertise for the Sports Betting Ballot Measure To win the future voters, it cost $364 millions to create commercials. This is according to Bloomberg, an American business magazine that just released a report on the expenditure of advertising in California about the legalization of sports betting. This includes retail and mobile options.

The general idea is for California to become a member of over 30 other states as well as Washington D.C., in legalizing and taxing their own sports betting market. This would allow states the right to do so since PASPA was overturned by the Supreme Court in May 2018.

It’s difficult to establish such a market in California, particularly in densely populated areas. Therefore, two separate measures have been proposed by different interests. Prop 26 will be voted on at the November Elections

California Voters will vote on Props 26 and in November’s Elections . As we reported previously, both Propositions 26 are supported by a group of California tribal leaders and Prop 27 is supported by outside operators of sportsbooks who want to open an operation there.

If Proposition 26 is signed into law it would limit sports betting to local casinos and four racing tracks. This will keep the market in California in the control of the Native Tribes that run legal gambling. So voters who support the current market are likely to vote for this proposition.

Proposition 27, a law that would allow mobile betting to be legalized, would help outside operators to run the sportsbooks. This is the option the MLB supports, as it will be the most advantageous for the owners of the MLB’s teams.

The hope is that voters will decide this issue in November. This would allow lawmakers to begin launching the market that residents want. However, the longer it takes, the less money is lost.

A Legal Sports Betting Market Could Generate Much-Needed Tax Revenue

California’s population is almost 40 millions. The state has the best odds of having a market for sports gambling.

This equates with big money for California. It also does the same for New York, where there are only’ 20million residents. Yet, they have a leading position in this industry regarding handle, total revenue and tax revenue. All money that benefits those residents. Californians can still vote in either direction, but there are two months before November’s elections. They should also expect plenty of commercials about the topic as each side continues to pour money into it.

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