California has the most significant potential sports betting market in the US. Legislation is underway to allow voters to decide the fate of California sports betting.
Thirty-three states have sanctioned sports wagering since the US Supreme Court’s decision that opened the conduits across the nation for an industry once bound to Nevada. Moreover, the sports wagering market, especially internet wagering, is estimated to keep developing throughout the next couple of years.
On the other hand, California can’t pass a law to authorize sports wagering. However, it could change in November, when no less than two initiatives are ready to be on the ballot.
California Sports Betting
Gaming authorities across the US have targeted California for its vast potential market. According to sports betting software providers, the state’s likely sports betting market could be worth more than $3 billion in yearly income.
A couple of contending ballot initiatives have emerged as most likely part of the November ballot. The first one has the support of a group of California tribes. In addition, another initiative has the support of various mayors and out-of-state sports handicapping firms.
The first one has proactively acquired adequate signatures to be on the ballot. It comes from an alliance of over 40 California tribes. Also, it would legalize retail sports betting in tribal lands and four legal racetracks. However, sportsbook pay per head providers will be out of the picture with the proposed plan because you need to partner with the tribes to gain a license.
The internet-based sports betting proposition, which has $100 million in funding from DraftKings, BetMGM, and FanDuel, has been pitched by its supporters as a method for tending to homelessness in the state. Eighty-five percent of the tax income from the measure would go to a state fund that would provide mental health initiatives and housing programs.
