Eagle1 Acquisitions Corp., LLC, has thrown its support behind the legalization of sports betting in California. The company has taken a proactive approach by submitting amendments to the Attorney General regarding the Sports Wagering Regulation and Tribal Gaming Protection Act. These amendments were crafted with the input of various stakeholders, including tribal leaders, out-of-state operators, regulators, and other involved parties.
One of the key amendments focuses on increasing the revenue that tribes would receive from sports betting. Currently, tribes receive approximately $1 million per year, but Eagle1 believes that this figure could be boosted by 15-20 times. The company is also calling for the removal of two provisions to give tribes more control over the regulations and oversight.
Another important aspect of the amendments is the requirement for people living outside of a 10-mile radius of a casino to continue registering in person for a longer period of time. Additionally, the amendments address the taxation of promotional gaming credit and seek to provide tribes with the opportunity to become their own affiliates.
Kasey Thompson, the architect of the proposition and partner of Eagle 1, emphasized the importance of tribal support for the success of the effort. He stated that the amendments were made based on tribal and regulator feedback, with the goal of creating a proposition that works for everyone.
Reeve Collins, another partner of the company, emphasized the inclusive nature of the amendments, stating that they were created with the tribes, land-based casinos, regulators, out-of-state operators, and the people of California in mind.
The company’s plan is to support the amendments and get them on the ballot just before the election planned for 2024. It’s worth noting that tribes would not be required to provide the financial backing for this effort, as Eagle1 is taking charge of the proposition. The company anticipates that the signature campaign will cost about $25 million, with the public vote campaign potentially requiring a few hundred million.
Overall, the amendments put forth by Eagle1 aim to create a more beneficial and inclusive legal framework for sports betting in California, with a focus on empowering tribal communities and ensuring that all residents can enjoy a regulated sports betting experience.