Indian 24 Bet – Betting odds are displayed on a table in a sportsbook at a hotel casino in Las Vegas on May 14, 2018. Sports betting is not legal in California, but efforts are underway to legalize it. Photo credit: John Locher, AP Photo
Of the various efforts to legalize sports betting in California, one would require more than $100 million in fees — a move that experts say limits competition in what is believed to be a multibillion-dollar industry.
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One measure likely to be voted on by Californians this fall is more than just allowing sports betting: Critics worry it will effectively block smaller gaming companies and startups from operating in the state.
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Those are high stakes for an industry that could earn more than $3.5 billion each year from California bettors — and for a state that prefers to see itself as the startup capital of the world.
Of the four sports betting initiatives competing for the November ballot, one paid for by online sports betting giants FanDuel, DraftKings and BetMGM would allow gaming companies and Native American tribes to offer online sports betting nationwide.
But built into the initiative are requirements that the company’s smallest competitors would find very difficult — if not impossible — to meet, experts say.
If passed, the initiative will require gambling companies to pay a license fee of $100 million to operate in the country and also be licensed in 10 states or operate in five states and operate 12 casinos.
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“I think it’s complete nonsense,” said John Holden, an Oklahoma State University professor who studies sports gambling policy. “I think what’s actually happening is that 5 to 10 market leaders have decided, ‘Okay, let’s make sure there’s no one left to compete by agreeing to pay these exorbitant royalties.’
The fee is one way the measure generates “important revenue to fund homeless housing and mental health treatment and provide financial support to California tribal nations,” Nathan Click, a spokesman for the initiative, said in a statement.
“California is best served by creating a safe and highly regulated sports betting market where customers can know they are working with experienced platforms with a proven track record of safe and responsible operations in other markets,” Click wrote.
FanDuel and BetMGM did not respond to requests for an interview. DraftKings sent an interview request to Click, a representative of the campaign.
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The Office of the State Legislative Analyst wrote in the assessment of the measure that it is not certain how much money the new taxes and fees bring to the state, but it could reach half a hundred million per year.
The measure has not yet been put to the vote – signatures are still being collected. But Click, the campaign spokesman, said the measure is well ahead of where it should be to be eligible.
Other measures legalizing sports betting could come up for a vote — or are already eligible. One, supported by a coalition of tribes, would allow sports betting only at tribal casinos and four horse tracks, while another, supported by a separate coalition of tribes, would allow tribes to offer exclusively online and in-person sports betting. Indian tribes have long had the exclusive right to offer certain forms of gambling in California. Many tribes fought the initiative by gambling companies, arguing, among other things, that it would threaten tribal sovereignty and self-sufficiency.
If one of the initiatives passes, California will become one of more than 30 states to legalize sports betting. The industry could generate $3.57 billion in net revenue a year for entities that offer sports betting to people in California if online and in-person betting is legalized and more businesses can operate, according to projections by Eilers & Krejcik Gaming LLC, a research firm. . That’s higher than the company’s projections for Texas, New York or Florida.
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The $100 million royalty is far higher than any other state’s books, said Becca Giden, director of policy for Eilers & Krejcik. Now, New York’s $25 million license fee is the highest, he said. Most states that have legalized sports betting have licensing fees in the single-digit millions or hundreds of thousands — and no other states require businesses to already be licensed in other states, Giden says.
The requirement that a company already be licensed in 10 states will exclude smaller companies and startups that are licensed in only a few states, Giden said. That, along with the fee, would “significantly limit the ability of small and start-up businesses” to participate in the market, he said.
Early-stage startups that get money from venture capitalists typically raise about $5 to $20 million in their first round,
Said Olav Sorenson, a sociologist at the UCLA Anderson School of Management who studies entrepreneurship. But only about 1 in 100 startups get venture capital money, Sorenson said. When you include startups that rely on credit card loans and other sources of funding, the amount of money available to new companies shrinks.
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“Very, very few startups could afford that kind of fee,” Sorenson said. “I think it will limit competition dramatically.”
A few companies already dominate online sports betting. FanDuel commands 31% of the US market, followed by DraftKings with 26%, BetMGM with 16% and Caesars with 12%, according to Eilers & Krejcik research.
“Very, very few startups could afford that kind of fee. I think it’s going to limit competition a lot.” Olav Sorenson, sociologist, UCLA Anderson School of Management
“The goal of this seems to be to create an oligopolistic market for sports betting,” said Marc Edelman, a Baruch College law professor who specializes in sports, gambling and antitrust law. In his words, this would benefit a limited number of companies “to the detriment of smaller businesses and consumers.”
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MaximBet, a sports betting company founded in 2021, is licensed in one state so far: Colorado. The company is trying to differentiate itself by offering punters personal experiences — fancy dress parties, meet-and-greets with professional players or the chance to drive a Ferrari around the racetrack, said Doug Terfher, vice president of marketing for the company.
Because the company is only licensed in one state, it couldn’t operate in California either through an initiative backed by gaming companies — or an initiative backed by tribes. “We want (California) to be as open and available to as many operators as possible given our growth trajectory,” Terfher said.
MaximBet is working to obtain a license in 10 states and Ontario, Canada, but the process is slow. If the company can get licensed in five states this year, “it’s going to be an amazing year,” Terfher said.
Most states limit the number of businesses that can offer sports betting, said Daniel Wallach, a Florida gambling attorney who has testified before state legislatures considering legalization. States do this with other forms of gambling. Typically, he said, the game is not a free-for-all where any business can participate. There will be some basic standards, he said, to ensure that a company’s integrity, experience and history are scrutinized.
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Historically, organized crime groups have been involved in the gambling industry, Wallach said, so state lawmakers and gambling agencies are “very careful to limit who can operate in this highly regulated industry.”
If smaller companies can’t do business in California, that means fewer opportunities for bookies and potentially less innovation.
An emerging product that Holden mentioned is stock-based betting, where bettors can exchange bets during a game, much like day traders buy and sell stocks.
Sporttrade, a Philadelphia-based startup that offers sports betting as an exchange, is seeking licenses in New Jersey, Colorado, Indiana and Louisiana. Could you cough up $100 million and get licensed in 10 states to come to California?
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“There’s no way,” said Alex Kane, the company’s chief executive. He’s in favor of regulations that protect consumers, he said, but he doesn’t think the $100 million license fee has anything to do with it. Instead, Kane said he thinks the larger companies taking the initiative don’t want to face competition. “They’re looking at ‘How much would we be willing to pay to get rid of the competition completely?'” Kane said. “You see it’s worth a lot of money to them.”
And if it’s difficult for new companies to reach customers in California, it may end not only with the services being offered, but with them being offered. “Such a high financial barrier to entry for minority businesses — or start-ups or entrepreneurial ventures — makes it almost impossible to compete,” said Edelman, a law professor at Baruch College. If there isn’t much competition between sports betting providers, that could also result in lower prices for customers, he said.
“Assuming that a company that might spend a lot of money is ethical, and a company that might spend a small amount
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