California Gov. comes out against sports betting
California Governor Gavin Newsom has come out as being opposed to a proposition that would legalise sports betting in California.
Voters will go to the polls on Nov. 8th in the U.S. mid-term elections. In California, there are also two propositions that would open up sports betting. Article 27 will generally allow sports betting online, while Article 26 allows in-person betting on sports.
“Proposition 27 is bad for California,” Newsom told Politico. “It would hurt California’s Indian Tribes, increase the risks of underage gambling, and push billions of dollars out of California and into the pockets of out-of-state corporations. Vote No on 27.”
The push to legalise sports betting in California has been hotly contested by those both for and against the proposal and is now the most expensive campaign in U.S. political history, with the spending count exceeding $400 million as of September.
California public not on board
Despite the high levels of spending, polls have consistently shown that the general public has not been won over by arguments to legalise sports betting.
There’s a lot at stake. California is the largest state in terms of the size of the population and also has a wealthy customer base.
Chris Grove, a sports betting industry investor and partner in consulting firm Eilers & Krejcik Gaming, told ESPN that the online market at maturity could be worth as much as $3 billion. The retail market alone would be a fraction of the size at about $356 million.
Those fighting hard against the online measure are the operator’s of California’s tribal casinos, which stand to benefit the most if the rival proposition is passed.
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