The campaign that could bring legalized sports betting to California is the most expensive ballot-initiative fight in U.S. history at about $400 million and counting.
"Both sides stand to really get rich for the long term," said Maviglio, who is not involved in the campaign. It could become "a permanent funding source for a handful of companies -- or a handful of tribes."With the midterm elections approaching, voters are in a foul mood and cynical about political sales pitches. And with two similar proposals on the ballot, history suggests that voters are inclined to be confused and grab the "no" lever on both.
A handful of political committees are in the center of the fight, raising funds and dueling for public support. Their main rival, the Yes on 27 committee backed by sports betting companies, has generated about $169 million in loans and donations. With Proposition 27, the nonpartisan Legislative Analyst's Office concluded its effect on revenues and costs are uncertain, in part because it's not known how many entities would offer betting or how many people would place bets. It's possible it could bring in hundreds of millions of dollars each year.
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