Eagle1 Acquisitions Corp., LLC, is showing its support for the legalization of sports betting in California by submitting amendments to the Attorney General regarding the Sports Wagering Regulation and Tribal Gaming Protection Act. The company has made these amendments in an effort to make the law more beneficial to the tribes involved.
One of the main focuses of the amendments is on the revenue that the tribes would receive. Currently, tribes receive about $1 million per year, but Eagle1 believes that this number could be increased significantly, potentially reaching 15-20 times higher than the current amount.
In addition to the revenue propositions, the company is also seeking the removal of two provisions to give the tribes more control over the regulations and allow them to oversee the process. Another amendment involves allowing people who live outside of a 10-mile radius of the casino to continue to register in person, even after the current two-year requirement is up.
The amendments also address promotional gaming credit, taxation timelines, and the opportunity for tribes to become their own affiliates. Furthermore, the company is advocating for the input of land-based and out-of-state operators and regulators on these matters.
Kasey Thompson, the architect of the proposition and a 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 feedback from tribes and regulators, with the goal of creating a proposal that works for everyone involved.
Reeve Collins, another partner of the company, added that the amendments have removed language that did not work for the tribes and created a proposition that is inclusive for all stakeholders, including tribes, land-based casinos, regulators, out-of-state operators, and the people of California.
The plan is to support the proposition and get it on the ballot just before the election planned for 2024. According to Business Wire, tribes would not be required to provide financial backing, as Eagle1 is in charge of the proposition. The signature campaign is estimated to cost about $25 million, with the public vote campaign requiring a few hundred million dollars.