A coalition of gambling companies led by DraftKings Inc. and FanDuel Group is pulling back on advertising for a ballot measure to legalize online sports betting in California as polls show it is likely to lose.
The online sports-betting industry’s initiative, known as Proposition 27, has drawn about $402 million in fundraising, according to campaign finance records, the most in state history. But the pro-Prop 27 campaign, which has raised $169.2 million, recently canceled about $11 million in broadcast TV and cable ads they had planned to run through Election Day, according to ad-buying data through Oct. 6 reviewed by The Wall Street Journal.
The pullback comes after a poll released Tuesday by the Institute of Governmental Studies at the University of California, Berkeley found 27% of likely voters would support Prop 27, while 53% would oppose it.
