The campaigns for Propositions 26 and 27 on this November’s ballot have made a wide variety of claims, especially about how the money gleaned from sports betting in California will get distributed.…
that Proposition 27, via taxes and fees, would increase money flowing to the state by “possibly in the hundreds of millions of dollars but likely not more than $500 million annually.” The office didn’t include a lower-end estimate.First, that money would be used to cover new costs related to regulating sports betting, which the analysts estimate could reach tens of millions of dollars annually.
How does this money fit into what California is already spending to address homelessness? California spent $7.2 billion on homelessness-related programs in the 2021-22 budget year, according to“90% of the profits [of Prop. 27] go to out-of-state corporations” If Proposition 27 passes, gaming companies headquartered in other states will want to get in on the action, since they are the ones funding the measure. The companies bankrolling the initiative have some of the most popular online sports betting platforms: FanDuel commands 31% of the U.S. market, followed by DraftKings with 26% and BetMGM with 16%, according to Eilers & Krejcik, a research firm focused on gaming.
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