Sportsbooks are All-in on California’s Prop 27

DraftKings, BetMGM and FanDuel are all-in on California's Prop 27. It's the most expensive ballot-imitiative fight in U.S. history. The campaigns on both sides have spent over $400 million. Prop 26 would legalize in-person sports betting for professional leagues at tribal casinos and at four horse racetracks. If Prop27 passes, it would expand sports gambling to online and app-based platforms like DraftKings and BetmGM.

Sportsbooks are donating to the campaign's $170 million kitty to support Prop 27. Polling on Prop. 27 this month showed 54 percent of likely voters opposed the measure, while only 34 percent supported it.

The industry estimates the legal betting market could be worth $2.5 to $3 billion in annual revenue if Prop 27 passes. It could also contribute $300 million to$500 million in taxes to state coffers each year. Some 30 million adults over 21 live in California and the Golden State welcomes over 200 million tourists each Year. Political consultant Steven Maviglio argues the profits of getting a favorable proposal passed will easily make up for the money sportsbooks pump into campaigning.