Potential for Sports Betting in California 2024 - HollywoodsMagazine

Potential for Sports Betting in California 2024

The so-called Golden State is the most populous region in the United States, the Avocado Capital of the World, and the birthplace of the Internet. It is an area that spans 163,696 square miles in total, home to the largest sub-national economy on the planet. Yet, regarding gambling, California is not a super-progressive region. All things considered. It is pretty liberal regarding card games for money but is not as permissible regarding casino games and betting on sports.

The latter is a pastime for which California’s stern stance is rather curious. We say this because the number of US states that legalized wagering on sporting events has reached thirty-eight. That tally started growing post-2018 when the US Supreme Court gave US territories the power to regulate this activity as they see fit, following this body’s repeal of the country’s Professional and Amateur Sports Protection Act, which stood in the way of this since the early 1990s.

However, even though much of America has adopted sports betting with arms wide open, that is not the case with this state, whose gross state product is a whopping $92,190 per capita, or $3.6 trillion in total. Various attempts have been made to make this idea a reality, but all have failed. And, now, hopes are low that wagering on sports will be available to Californians in 2024.

Tribal Leaders Foresee No New Initiatives In 2024

According to the experts, the Californian legal betting landscape should remain particularly quiet in the 2024 election cycle. Per James Siva, the Chairman of the California Nations Indian Gaming Association, this largely stems from the subdued atmosphere that originated from the 2022 election. That period saw sizeable spending (pro and against) on two betting propositions, Prop 26 and 27. The first encompassed wagering at racetracks and tribal casinos, and the second revolved around the possibility of online betting sponsored by commercial operators. The lack of success these initiatives saw has raised doubts about a new – 2024 betting ballot battle, and rightfully so.

It should also be mentioned that. Sports betting in this section of the US will inevitably be allowed in this decade. Hopefully, sooner than later. The same optimism does not apply to real money online casinos from California sites, as only seven US regions have legalized such platforms, and few hopefuls exist to do so in the coming years.

Further on a sports betting bill, we must note that the filing period for novel initiatives has also passed. Plus, there are no indications of any imminent one. Even Jason Robins, the CEO of DraftKings, has stated the company is no longer targeting 2024 as a realistic year for California sports betting, citing tribal opposition as the main reason for this. Mark Macarro

, Pechanga’s Chairman, echoed Robins’ sentiments for a quiet year, acknowledging the defeat corporate entities experienced in this field in 2022, on top of the disappointing lack of public appetite for regulating this hobby in California and bringing it to the masses.

What Is the Market’s Potential?

In 2022, with Propositions 26 and 27 on the table, most analysts predicted that allowing this pastime in California would generate upwards of $200 million in taxes. These would come for the state pulling in around gross revenues of $3 billion in its first year of permitting remote betting. To accomplish this, Californians must produce a wagering handle of $40 billion.

State-Wide Betting in California a Possibility for 2026

Without question, the current online gambling situation in California resembles a Cold War-style standoff, with the state’s tribes on one side and the national sportsbook companies on the other, which will probably get forced to work with Native American organizations for entry into the Californian market. Hence, this status quo state has made more and more Californians turn to some of the best options based in foreign countries, ones operating in the offshore sphere, supplying betting and gaming services to customers worldwide from usually a smaller nation that has regulated this sector to create a boom for their local economy.

The Californian tribes are wary of US sports betting operators looking to introduce new gambling measures in the state. That caution arises from the lessons learned in the last election. The clash that occurred there generated negative consequences, and after the defeat of Prop 27, the relations between the Californian tribes and nationwide operators cooled off further. That relationship also soured on account of the intrusion attempt of commercial entities into the market without tribal approval and the tactics used by these entities to target tribal leaders.

FanDuel has tried to fix this strained relationship via outreach meetings to facilitate a strategy between this famed fantasy sports and betting operator and the tribes and how both parties can meet mutual finance objectives. Such a proactive engagement has been noted as a positive, and post-election, tribal leaders have emphasized the potential role of operators in the market. However, they have proposed a B2B model akin to how slot manufacturers collaborate with them. Thus, with such a partnership in place and the reinvigoration of the Seminole compact that allows for online betting on tribal land servers, 2026 could be a potential year for state-wide betting. The tribes will wait for that election cycle to push this to fruition.

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