In this 19-page special report, we tackle key questions related to California’s two pending sports betting ballot measures—measures on which opponents and proponents have already spent a combined $376.4mm. Specifically, we provide analysis on what each ballot measure proposes, the spectrum of possible election outcomes, and the market size values associated with each outcome. Additionally, we identify and discuss potential license applicants for the proposed $100mm online-only licenses, and which of those applicants are best positioned to dominate California’s online sports betting market.