California is undoubtedly the prize pig in the world of US sports betting. Since it is the most populated state with 38 million people, legalization would prove a major coup for any tribal groups or operators that can begin profiting from the market.
This year, it is the turn of a crypto whizz and his poker player associate to try get sports betting across the line. Cryptocurrency marketer Reeve Collins and poker player Kasey Thompson are trying to get their initiative on the November 2024 ballot, meaning they will need 870,000 votes by April.
Participating tribes would need to pay 25% of profits to those not participating
They have now published two proposals, 23-0030 Amendment 1 and Initiative 23-0031. Together, they would place control of the market in the hands of state tribes, giving them exclusive rights to offer online and retail betting on their land. Participating tribes would need to pay 25% of profits to those not participating.
Despite its tribal focus, the effort does not have the backing of the tribes themselves. California tribal leader Victor Rocha has been particularly vocal regarding his disapproval. Last year, he called Collins and Thompson “a special kind of stupid” when confirming that they will have “no tribal support.”
Whatever the case, the duo will certainly hope they can pass the initiatives first time given that the signature-gathering effort is expected to cost up to $25m. Thompson told Legal Sports Report the bill would create $50m for every tribe in the first five years of legal betting.