Eagle1 Acquisitions Corp., one of the backers behind a proposition to bring legal sports betting to California, has submitted amendments to its proposal to the state Attorney General’s office.
The amendments to its Sports Wagering Regulation and Tribal Gaming Protection Act are based on feedback from a survey that included tribal leadership, private sports betting operators, and regulators. The amendments are designed to make the proposal more appealing to local tribal groups.
The Sports Wagering Regulation and Tribal Gaming Protection Act would give tribal groups 100% control of the sports betting market. According to Eagle1 estimates, the industry could generate as much as $3 billion a year in revenues.
Submitted Amendments
According to a press release issued at the time of submission to the Attorney General’s office, the amendments include:
- Tribes to receive an estimated 15-20 times more revenue share annually under the proposition.
- Removal of two problematic provisions in order to strengthen regulatory controls and oversight.
- In-person registration requirement for online gaming for people outside of a 10-mile radius from a casino removed after two years.
- Promotional gaming credits taxed after five years.
- Improved ability for tribes to become their own affiliates.
- Inclusion of comments from land-based and out-of-state operators and regulators.
Speaking of the amendments, Kasey Thompson, partner of Eagle1 Acquisitions Corp., said:
“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.
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.”
Eagle1 partner Reeve Collins added:
“We removed language we were told did not work for the tribes and for the first time 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 has previously stated that tribes will not be expected to provide any financial backing to the passage of the proposition and adding it to the 2024 California election ballot. All financial support will be provided by Eagle1.
2022 Ballot Measures Most Expensive Failures in History
The most recent efforts to legalize sports betting in the state resulted in the most expensive ballot measure campaigns in American politics. Both Proposition 26 and Proposition 27, which were rejected by the electorate, raised over $500 million in funding throughout 2022.
88.28% voted no to mobile sports betting while 66.98% voted not to legalize sports betting in any form.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.