LOS ANGELES--(BUSINESS WIRE)--Eagle1 Acquisitions Corp., LLC, backers of the proposition to bring legalized sports wagering to California, has submitted amendments to its Sports Wagering Regulation and Tribal Gaming Protection Act to the state’s Attorney General. The amendments are based on feedback Eagle1 received from tribal leadership, out-of-state operators, regulators and other stakeholders, and are part of an effort to make the proposition more appealing and beneficial to California tribes.
The amendments include:
- Income to revenue share tribes dramatically increases. Tribes receiving approximately $1 million annually under current conditions can receive an estimated 15-20 times more annually under the proposition.
- Removal of two provisions identified by the tribes as problematic in order to strengthen regulatory controls and oversight.
- In-person registration for those outside of a 10-mile radius from a casino requirement for online gaming 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.
The Sports Wagering Regulation and Tribal Gaming Protection Act will regulate a previously unregulated market, put 100% control of online and in-person California sports betting in the hands of tribes and provide a fair and competitive sports betting environment for Californians. California has the potential to be the largest legalized sports betting market in the country with an estimated $60 billion in wagers and revenue of $3 billion annually.
“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,” said Kasey Thompson, partner of Eagle1 Acquisitions Corp., LLC and an architect of the proposition. “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 that “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.”
Additionally, the tribes will not have to provide any financial backing to support the passage of the proposition with Eagle1 bearing the entire burden, including the signature campaign at a cost of approximately $25 million and the public vote campaign which will cost several hundred million dollars.
Eagle1 will continue to work with tribal leaders to secure support for the proposition, bring unity to the plan, get it on the ballot for the 2024 California election and ultimately pass it into law thereby bringing sports betting to California in a way that is regulated, controlled by the tribes and a win for all parties involved.
Note: A full copy of the revised proposition is available to media on request.