California takes step toward sports betting legalization
California voters recently gathered enough signatures to send a mobile sports betting initiative to their state's November ballot.
Why it matters: If it passes, the amount of money wagered (handle) on sports in California is going to be astronomical.
- When New York legalized mobile betting in January, it broke the single-month record for handle in just three weeks. New York's population is 19 million. California's: 39 million.
State(s) of play: California isn't the only state making progress towards legalization.