News and Analysis
California Residents to Vote on Legalizing Online Betting in 2022
California residents will have the chance to vote in favor of legalizing online sports betting on this year’s state ballot in November. The measure is backed by FanDuel, DraftKings, and BetMGM and is entitled the California Legalize Sports Betting and Review for Homelessness Prevention Fund Initiative. It proposes that 85% of tax proceeds created by regulated sports betting would be used to reduce homelessness in the state. It also suggests a $100m licensing fee, one of the highest in the US.
A competing proposal will also appear on the ballot, the California Legalize Sports Betting Initiative. It’s put forward by the 18 Californian Native American Tribes and would legalize in-person betting. If voters approve both measures, they could come into effect dually, allowing for tribal and commercial online operations and in-person betting at tribal establishments.
Fixed-Odds Horse Racing Goes Live in NJ
Fixed-odds horse racing is now legally available in New Jersey as of the 7th of May. This means NJ bettors can now place pari-mutuel and fixed-odds bets on races at Darby Development’s Monmouth Park. After the initial launch, a new website and mobile app will also be developed, which will offer internet wagers.
DraftKings Completes Golden Nugget Online Gaming Sale
DraftKings has completed its Golden Nugget Online Gaming (GNOG) acquisition one month after the initial closing date. The deal creates an “alliance unlike any other in the digital sports, entertainment, and online gaming industry,” according to Tilman Fertitta, chairman, and CEO of GNOG.
Delaware Sports Revenue Falls to Nine-Month Low
April’s sports betting revenue figures are in from the Delaware Lottery and show a nine-month low, that’s a 23.6% reduction YoY and a 19.2% drop from March’s totals. Delaware Park remained the most popular operator in the state by revenue figures.
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