California sports betting backers change proposal
Eagle1 Acquisitions Corp., LLC, the group behind two recently launched sports betting products in California, has submitted amendments to the proposals to the California Attorney General's Office in an attempt to curry favor with the state's tribal gambling groups.
Since the Sports Betting Regulations and Tribal Gambling Protection Act were filed in late October, they have faced fierce opposition from California's tribal casino operators, as the groups claim the bill's sponsors did not consult them before filing it. Eagle1's proposed changes stem from feedback the company received from "tribal leaders, out-of-state operators, regulators and other stakeholders."
These changes include significant increases in tribal revenue shares. Eagle1 notes that the tribe currently receives about $1 million per year, a figure that could increase 15 to 20 times under their proposal. Other changes include removing two regulations that could hamper strong regulation and imposing a tax on promotional gambling balances after five years.
Another new change aims to strengthen the ability of California tribal gaming operators to become their own partners.
California sports betting changes may not gain support
Eagle1 is using a familiar but logical tactic to drum up support for the Sports Betting Regulations and Tribal Gaming Protection Act. Supporters say that if the proposal is approved by California voters, it would provide an important source of revenue for tribes while potentially eradicating the black market in sports betting in the state.
The Sports Betting Regulations and Tribal Gaming Protection Act will regulate the previously unregulated market, put 100% control of online and in-person sports betting in California into the hands of tribes, and provide Californians with fair and competitive sports Gambling environment. "California has the potential to become the nation's largest legal sports betting market, with an estimated $60 billion in annual wagers and $3 billion in revenue," the company said in a statement.
Still, tribal stakeholders in the largest states are unwilling to make progress on the issue in the short term, and some changes may not satisfy these groups.
For example, on-site registration will be eliminated after two years for people who live more than 10 miles from a California tribal casino. Another new change includes the inclusion of comments "from land-based and non-governmental operators and regulators." California tribal gaming companies may reject one or both plans because they control Class III gaming in the state and do not rely on support from out-of-state operators.
Eagle1 looks ahead to 2024, but it’s tricky
Eagle1 hopes to put the sports betting issue before California voters next year, just two years after commercial and tribal sports betting ballot initiatives were soundly rejected by California voters.
Eagle1 will continue to work with tribal leaders to build support for the proposal, build unity around the program, place it on California’s 2024 election ballot, and ultimately enact it into law to bring sports betting to California in a regulated manner. , controlled by the tribe, is a win for all involved," the group added.
Tribes, on the other hand, see sports betting as an issue in 2026, noting that voters are tired of the issue, and adding that mobile betting is still far off.
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Source: www.casino.org
