Eagle1 Acquisitions Corp, a proponent of legal sports betting in California, has submitted amendments to the state’s Attorney General concerning the Sports Wagering Regulation and Tribal Gaming Protection Act. Eagle1’s amendments come as a result of feedback the company received from Tribal leadership in the state, as well as from out-of-state operators, gaming regulators and other stakeholders.
Amendments from the sports wagering supporter include: increasing income to revenue share Tribes by around 15 to 20 times; removing two provisions Tribes have identified as problematic when it comes to regulatory control; removing the requirement for in-person registration by people outside of a 10-mile radius of a casino after two years; and taxing promotional gaming credits after five years; improving Tribes’ abilities to become affiliates.
Comments from land-based and out-of-state sports betting operators and regulators are also included in the amended proposal. The Sports Wagering Regulation and Tribal Gaming Protection Act seeks to put California’s Tribes in total control of both retail and mobile sports betting.
Kasey Thompson, partner of Eagle1, said, “We took a proposal that had the support of more than 70 tribes and was one of the most Tribal-focused propositions ever, made amendments based on tribal and regulator feedback and updated it for today’s legal landscape.
“What we are trying to do is create something that works for everyone. Tribal support is paramount to the success of this effort, and we will not put it on the ballot without approval from a majority of the Tribes.”
Though sports wagering is not yet legal in California, estimates are saying its large population and awaited entry into the market could generate $60bn in handle and $3bn in revenue annually.
Eagle1 partner Reeve Collins also said of the amended proposal, “For the first time we have created something inclusive for all – the Tribes, land-based casinos, regulators, out-of-state operators and the people of California. This is a forward-thinking and Tribal-centric proposition that finally paves the way for sports betting in California.”
Eagle1 plans to work with Tribal leaders to get this sports betting proposal onto the 2024 ballot. It also plans to ‘bear the entire burden,’ so that Tribes will not be responsible for financial backing this initiative; including facilitating the signature campaign and public vote campaign which could cost hundreds of millions of dollars.
