California Sportsbook Bills Costly for Potential Operators
This coming November 8, California residents will be making two very important votes for the sports betting industry. And the spending over the votes for these two bills are making waves in gambling industry news. For one, its proving to be the most expensive campaign on the ballot so far. There are 30 legislative initiatives, and the two California Sportsbook Bills are taking up 90% of the spending.
The two sports betting bills are Proposition 26, and Proposition 27. Supporters behind these bills have spent $568 million to promote their own bills so far. And since the elections are still more than a week away, we may see a last hurrah campaign for both bills.
Most gambling markets in the country have two main parties: gambling operators, and tribal gambling operators. You can easily find who they are in a casino directory. But there is generally a rivalry between these parties. Some have better relationships, but in California, the rivalry is deep and expensive.
California Sportsbook Bills: What Are They?
Both bills aim to offer sports betting similar to what you will find in a pay per head sportsbook. There are, of course, differences to it. Proposition 26 is backed by the tribes’, and the bill aims to give them rights to offer retail gaming in the state. Meanwhile, Proposition 27 supports opening the sports betting market to operators and legalize online sports betting.
As you can see, the differences are quite big, and if both bills pass, it will be a legislative headache. We are not just looking at the mode of wagering, but a lot of factors such as tax rates, licensing fees, regulations, and more.
However, the huge spending seems to be backfiring on both parties. Some residents are even saying that they are overdoing their campaigns and that they may not vote for either bill. Whatever the outcome, it will definitely be a few years before we can see sports betting legalized in California.
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