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Legalized sports betting in California faces tough odds: expert

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The percentages that California voters will approve either of the 2 legalized sports betting referendums on the ballot in November are getting longer, in line with a gaming industry expert.

The 2 competing measures — one that enables betting only on tribal lands, and one other that gives a web based option — are drawing big-moneyed lobbyists who may divide voters, in line with a report published Wednesday for clients by Eilers & Krejcik Gaming, an independent research and consulting firm.

Firms like DraftKings, FanDuel and BetMGM stand to learn.SOPA Images/LightRocket via Getty Images

“The political power and deep pockets of interests with dogs on this hunt … along with competing sports betting measures whose back-to-back presentation on the ballot is prone to confuse voters have us leaning negative on California’s sports betting legalization prospects this fall,” the report said.

“We preliminarily put the chances of 1 or each measures passing at lower than 50%,” it added.

If either of the 2 are approved, California could quickly turn out to be the largest sports betting market — boosting corporations like DraftKings, FanDuel and BetMGM.

Annual gross gaming revenue could exceed $3 billion a 12 months, greater than double Recent York’s, Eilers said.

BetMGM logoLegalized sports betting, has been approved in greater than half the country.Getty Images

The sports betting corporations are amongst those backing Prop 27, otherwise often known as the California Solutions to Homelessness and Mental Health Act, which might legalize online betting throughout the state in partnership with Native American tribes.

Critics of the bill fear it makes it too easy for anyone under 21 to bet on games.

Prop 26, the California Sports Wagering Regulation and Illegal Gambling Enforcement Act, allows those 21 and over to position bets only in-person on tribal land.

Major League Baseball supports the broader referendum.

“MLB believes that Prop 27 has the safeguards to create a secure and responsible online sports betting market in California — a state with tens of millions of MLB fans on the lookout for alternatives to illegal offshore betting sites,” the league said.

Legalized sports betting, once limited to Las Vegas, has been approved in greater than half the country, with 21 states allowing for online wagering.

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