October 27, 2021

Gaming Providers Continue Their Push to Legalize Sports Betting in California

Filed under: News — Tags: , , , — News @ 11:30 am

This article originally appeared in Sportsbook Review.

The biggest fish in the US legal sports betting industry, California, now officially has three proposals on the table to bring a legalized platform to their state. A group led by some of the nation’s top legal sports betting providers has officially jumped into the mix with the news that the state attorney general’s office is preparing a petition on their behalf for the Secretary of State.

Once prepared, those backing the “Californians for Solutions to Homelessness and Mental Health Support” will seek to get their plan on the 2022 Election ballot to compete with a Tribal initiative and one put forth by the state’s cardrooms plan in conjunction with a few local municipal governments. The newest sportsbook initiative looks to reel in tribal influencers to support a plan that appears to benefit their interests going forward.

What’s at Stake

There is no secret as to how huge the inclusion of California would be to the broad US scene. Analysts called California “one of the most important betting markets in the world.” Managing director for Eilers and Krejcik Gaming Chris Grove has said that “California is easily the largest prize in the U.S. sports betting market.”

California is home to 15 professional teams representing four major sports leagues and has America’s largest population of 40 million people. It would immediately be triple the size of the current-largest market in the US scene.

As for the financial implications, Eilers & Krejcik, a research firm that has advised state lawmakers on the issue has said that the California market could generate $200 million in annual revenue from taxes and licensing fees – $500 million upon maturity of the platform.

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