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. The bill mandates that by August 1 of each year, the ADG must distribute $25,000 to the Retired Racehorse Adoption Fund and any remaining funds to a recognized nonprofit horsemen's organization that has represented horsemen in racing since 1988. Additionally, it requires that five percent of the annual revenue from both the Fantasy Sports Contest Fund and the Event Wagering Fund be allocated to the Arizona Breeders' Award Fund and the Arizona Stallion Award Fund.

Current statutes would be updated to reflect these changes, including a reduction in the percentage of Event Wagering Fund revenues transferred to the state General Fund from 90% to 75%, with the remaining funds redirected to the new Equine Economic Improvement Fund and the Arizona Breeders' Award Fund. The bill also specifies that the funds in the Equine Economic Improvement Fund are continuously appropriated and exempt from lapsing, ensuring that they remain available for their intended purposes. Other technical and conforming changes would be made to align existing statutes with the new provisions.

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