The Wall Street Journal reported Thursday that California could soon enter the wagering market, because voters will be able to choose which of the two different proposals they endorse will arrive in November 2020.
State Sen. Bill Dodd, D-Napa, and Assemblyman Adam Gray, D-Merced, will hold a hearing on a proposal to legalise sports betting on Jan. 8 in the California legislature.
“Illegal sports betting is widespread, and it’s critical that we bring it out of the shadows to make it safer and generate funds for education,” Dodd said, according to the Sierra Sun Times. “I look forward to hearing from all stakeholders at this key hearing as we analyse and develop the best approach. The Legislature’s job is to stand up for the public interest and ensure California adopts the best possible model.”
The bill of legislators would allow two-thirds of both the Assembly and the Senate to vote in favour of placing it on the ballot. According to The Wall Street Journal, the tribal ballot initiative is intended for elections to be approved as a state constitutional amendment by 2020.
California could see extremely high sports betting revenues, close to what New Jersey and Pennsylvania saw in their first few years of legalised sports betting.
New Jersey in its first year registered around $3.2 billion in wagers. On June 14, 2018, New Jersey legalised sport betting. Pennsylvania legalised sports betting on Nov. 16, 2018 and announced taking in wagers in the first year of more than $1 billion.