The proposed bill would establish the Equine Economic Improvement Fund, which would consist of funds deposited from the Fantasy Sports Contest Fund and the Event Wagering Fund, as well as other sources. The Arizona Department of Gaming (ADG) would be responsible for administering this new fund. Additionally, the bill mandates that by August 1 of each year, the ADG must distribute $25,000 to the Retired Racehorse Adoption Fund and allocate any remaining funds to a recognized nonprofit horsemen's organization that has represented horsemen in racing since 1988. The bill also stipulates that five percent of the annual revenue from both the Fantasy Sports Contest Fund and the Event Wagering Fund be deposited into the Arizona Breeders' Award Fund and the Arizona Stallion Award Fund.

Furthermore, the bill modifies the current distribution percentages from the Event Wagering Fund, reducing the amount transferred to the state General Fund from 90 percent to 75 percent, while allocating 10 percent to the Equine Economic Improvement Fund and 5 percent to the Arizona Breeders' Award Fund. It also ensures that the funds in the Equine Economic Improvement Fund are continuously appropriated and exempt from lapsing, thereby allowing for ongoing financial support for equine-related initiatives. The bill includes technical changes to existing statutes to accommodate these updates.

Statutes affected:
Introduced Version: 5-113, 5-113.02, 5-1212, 5-1318, 35-146, 35-147, 5-113.01, 5-114, 5-107.01, 5-108, 5-104, 3-109.01, 35-310, 35-313, 35-314.03, 35-190, 5-1211
Senate Engrossed Version: 5-113, 5-113.02, 5-1212, 5-1318, 35-146, 35-147, 5-113.01, 5-114, 5-107.01, 5-108, 5-104, 3-109.01, 35-310, 35-313, 35-314.03, 35-190, 5-1211