Eagle1 Acquisition Adjusts California Sports Betting Proposal

Published on: December 5, 2023, 05:15h.

Last updated on: December 5, 2023, 05:15h.

Eagle1 Acquisitions Corp., LLC — the group behind recently launched California sports betting propositions — is making amendments to its proposal in an effort to gain favor with the state’s Tribal gaming consortiums, potentially positioning itself to gain tribal support.

California state flag
The California state flag waves in the wind. Eagle1 Acquisition amended its sports betting proposal in hopes of gaining tribal support. (Image: Linnaea Mallette/PublicDomainPictures.net)

The amendments include a major increase to Tribes’ revenue share. Eagle1 noted that Tribes currently receiving approximately $1 million per year could see that figure grow 15x to 20x under their proposal. Other amendments include removal of two stipulations that may have stood in the way of robust regulatory oversight and the taxation of promotional gaming credits after five years.

The amendments are aimed at strengthening the ability of California Tribal gaming operators to become their own affiliates with the proposal seeking to generate support for the Sports Wagering Regulation and Tribal Gaming Protection Act. Once approved, it’d be a significant revenue generator for Tribes while potentially eradicating the black market for sports betting in the state.

Still, Tribal operators in California are taking a cautious approach, viewing sports wagering as a 2026 issue, with mobile betting likely to be even further out.

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