Bloomberg estimates CA spent $364 million on ads for or against the sports betting measure
It turns out advertising in California doesn’t come cheap, and those for and against the various sports betting voting measures are finding out that fact the hard way, a record nine-figure lesson that cost $364 million. , all to broadcast commercial spots intended to influence the next voters.
That’s according to US business weekly Bloomberg which has just released a report that tracks the amount of ad spend in California on the question of what a legal sports betting market might look like, including mobile and put options. by retail.
The general idea would be for California to join more than thirty other states and Washington D.C. in legalizing, regulating and taxing its own sports betting market, now permitted since the Supreme Court struck down PASPA in May 2018, giving this right to states.
Of course, it’s not as easy as it might seem to create such a market, especially in highly populated California where there are already pacts in place with native tribes in the state, so two different measures are being pushed by distinct interests: Prop 26 and Prop 27.
California voters will vote on Propositions 26 and 27 in the November election
As we’ve reported in the past, the two propositions at play here represent either side of the argument, with Proposition 26 being backed by a coalition of California tribes and Proposition 27 being backed by the operators. sports betting outsiders hoping to start operating there.
If enacted, Proposition 26 would limit sports betting to local casinos and four racetracks to keep that market in the hands of the native tribes who now rule legal gambling in this state, so voters who side of the existing market probably vote this way.
As a law, Prop 27 would legalize mobile sports betting, and this would benefit outside operators operating online sports betting, this is the option that MLB has decided to support as it would be the best way for its teams and their owners. to enjoy.
The hope is that this issue will be decided by California voters in November so that lawmakers can then begin to launch the type of market that residents prefer, but the longer it takes, the more money is lost, that market being worth potentially billions of dollars.
A legal sports betting market in California could generate much-needed tax revenue
What a thriving sports betting market needs, California has, and those are the people, with nearly 40 million people they are the most populous state in the union, and of that total there is chances are that many of them are sports gamers willing to legally participate in their favorite pastime.
That’s a lot of money for California, the same way it once did for New York State, which is home to “only” 20 million people and yet they’re already leaders in this industry in regards to management, total revenue and tax revenue, all the money that benefits those residents.
There are still two months until the November election, so California voters can still be swayed back and forth and they should expect to see a lot more publicity on the subject as both sides continue to inject advertising money in the question.