The Second California Sports Betting Initiative Earns A Place On The November Ballot

the-second-california-sports-betting-initiative-earns-a-place-on-the-november-ballot

*) , , , (*?) On Tuesday, a Sports Betting measure supported by Sportsbooks was approved for Nov. Ballot A Tribal-Backed Sports Gambling Measure is Also Up for a November Vote A Legal California Sports Betting Market Could Launch as Soon as January 1, 2023

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Tuesday is the qualifying date for a Sports Betting measure backed by Sportsbooks. Ballot The battle for the California’s sports betting market heats up. Both the tribes of the state and the outside operators are hoping their respective ballot measures will win the most votes from the Golden State voters in November.

An alliance of betting firms, including DraftKings and FanDuel announced that the online gambling bill received over 1,000,000 signatures to make it eligible for November’s ballot. It was supported by 1.6 million Californians.

Just in: The California-based online gambling initiative, backed DraftKings and FanDuel has been placed on the November ballot.

— Sam McQuillan (@sam_mcquill) May 3, 2022

The sportsbook measure would establish an online sports betting market in which Californian gamblers could only place bets outside of Indian reservations, a scary proposition for the states’ tribes, horse racing tracks, and card rooms who already have a measure on the ballot.

A Tribal-Backed Sport Gambling Measure is Also Up for a November Vote

Another measure that has been backed by California tribal governments in tandem with state horse racing tracks, card rooms and states to allow them the ability to work with other operators but still maintain control of the market.

Were that measure to pass, in-person sports betting would be legal at tribal casinos, the state’s four horse racing tracks, and “qualifying” card rooms and there would be a 10% tax imposed on sports betting revenue and licensing fees.

There is always the possibility of both these measures getting a majority vote. If that happens, then both online and tribal casino sports betting will be allowed. This political fight could become costly as each side tries to make their voices heard.

A Legal California Sports Betting Market Could Launch as Soon as January 1, 2023

The good news for California punters is that a legal sports betting market could launch as soon as January 1, 2023, but only if at least one of those measures receives over 50% approval by voters in November. This date may seem optimistic, considering the time it takes for states to regulate and issue licenses to qualified applicants. Other states take many months to establish necessary infrastructure to accept bets and payout winners.

No matter what direction voters choose in November, there is big money at stake. Some industry insiders predict a $3 legal California sports betting marketplace. 57 million in annual net revenue. This could be a source of income that will benefit local residents.

It could be one of the most lucrative sports betting markets in the country and the world, but it will take a 51% majority of votes or better for it to even begin, and in the meantime both sides will be vying for the attention of California voters who can make or break this issue there.

Keep checking back to see the most recent news on this story.

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