Sportsbooks ‘remain committed to California’ after ballot failure

Sportsbooks ‘remain committed to California’ after ballot failure

Article brief provided by Yahoo Finance
  • Josh Schafer, Yahoo Finance
November 10, 2022 2:36 PM
  • Josh Schafer, Yahoo Finance
  • California

Two propositions aiming to pass sports betting in California were voted down on Tuesday, but that isn’t expected to stop sportsbooks from pursuing legalization in the Golden State.

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“Our coalition knew that passing Prop 27 would be an uphill climb, and we remain committed to California,” Yes on Prop 27, a political action committee (PAC), told Yahoo Finance in a statement.

The “No” vote on both Proposition 26, which would allow in-person sports gambling on tribal lands, and Proposition 27, which would allow mobile sports gaming everywhere in the state, had largely been telegraphed for the past month by negative polling.

Still, the fact that sports gambling legalization came to a standstill in America’s largest state economy dragged gambling stocks down on Wednesday.