Duuude, I Just Hit My Parlay — Apes based in California are familiar with the deluge of Prop 27 ads in the last few months.
For the rest of you, Prop 27 would legalize online sports betting in California. Its main backers are, unsurprisingly, DraftKings, FanDuel, and BetMGM.
The opponents include Native American tribes, who want to protect their control of California’s gambling market. Revenues from tribally-owned casinos are the lifeblood of many of those communities.
Legalizing sports gambling has many similarities to legal weed.
- Both have a taste of the “if you can’t beat em, tax em” mentality—they’re popular vices that can bring in big tax revenues
- There are legacy industries that oppose new entrants (the alcohol and cigarette industry with weed, Native American tribes with sports gambling)
- Both are legal in many states, but neither is legal on a federal level
The root of both of these issues is weighing the pros and cons. The pros in both cases tend to be money—just tax the sh*t out of weed and gambling, and everyone will be fine.
But there are also societal implications, especially for kids. Nobody thinks weed and online gambling are good for kids, but legalization makes it easier to access.
On the gambling front, allowing out-of-state companies to enter the California market could devastate Native American communities.
We’ll see what Californians decide, but current polls show a big L for online gambling companies coming up.
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