Eagle1 Acquisitions Corp., LLC, supports the legalization of sports betting in California. However, the company submitted the amendments to the Attorney General about the Sports Wagering Regulation and Tribal Gaming Protection Act.
The amendments:
When tribal leaders, out-of-state operators, regulators, and other involved parties, including stakeholders, gave their suggestions and feedback about the regulations, Eagle1 submitted the amendment in order to make the law more beneficial to the tribes.
The amendments are submitted to a range of propositions, including the revenue the tribes would get. According to the data, the tribes currently get about $1 million per year, and Eagle1 thinks that that number can be 15-20x higher.
Also, the company asks for the removal of two provisions so the tribes have more control over the regulations and can oversee them.
The company also wants the people who live outside of the 10-mile radius of the casino to continue coming in person to register, and under the current regulations, this requirement stops after two years.
The amendment is also submitted to promotional gaming credit, which is now supposed to be taxed after five years. The tribes also wanted an opportunity to become their own affiliates. The company also wants land-based and out-of-state operators and regulators to have the right to comment and give their opinions about the matters.
Giving more control to tribes:
These two acts will regulate tribal sports betting and allow all residents to enjoy the pleasant and regulated sports betting experience. This state has a huge potential to become the largest regulated market when it comes to sports betting, and the estimated revenue is $3 billion a year, while it can earn about $60 billion in wagers.
Kasey Thompson, architect of the proposition and partner of Eagle 1, 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.”
Reeve Collins, another company’s partner, commented: “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.”
According to Business Wire, on top of that, tribes wouldn’t be required to provide the financial backing since Eagle1 is in charge of the proposition. Only the signature campaign costs about $25 million, along with the public vote campaign, which requires a few hundred million.
The Eagle1’s plan is to support the plan and get it on the ballot just before the election that is planned for 2024.