Commentary
It’s illegal in California to bet on sports events. That illegality extends both to bets in person and bets on the internet.
Two well-financed competitors are squaring off to convince California voters that their specific proposal to allow sports gambling is best for Californians. Propositions 26 and 27 are on the Nov. 8 California ballot in what’s shaping up to be the election prize fight of the century.
The Los Angeles Times estimates that the advertising campaigns by the two combatants may equal $500 billion. Only one proposition can become law.
What is there to fight over? Money.
New York’s gross revenues from its sports betting handle have averaged over $1 billion per month from April through July of this year with football season waiting in the wings. Assuming at least one of the propositions is approved, California’s November ballot will determine who will control or have the opportunity to control potentially billions of dollars of California sports betting revenues….