Sports betting to the rescue in California?
Jun. 2, 2020 10:55 PM ET|About: DraftKings Inc. (DKNG)|By: Clark Schultz, SA News Editor
The legalization of sports betting in California cleared an important hurdle when a proposal from state Senator Bill Dodd and Assemblymember Adam Gray made it through a key committee.
The clock is ticking for the bill with June 25 set as the last day for the California legislature to pass the sports betting bill and send it to the voters on the November 3 election ballot.
California is forecast to have the potential for a +$30B sports betting market through sports books placed at tribal casinos, horse racing tracks and satellite wagering facilities. "California could easily become one of the most productive sports-betting markets in the world," observes gaming analyst Chris Grove. Tax revenue from sports betting would also help the Golden State with its budget issues amid the pandemic and economic downturn. It could also give Nevada casino operators something to think about.