The proposed bill seeks to amend existing statutes related to horse racing and establish the Equine Economic Improvement Fund. This new fund will consist of revenues from the Fantasy Sports Contest Fund and the Event Wagering Fund, as well as other sources. The Arizona Department of Gaming (ADG) will administer the fund and is required to distribute $25,000 annually to the Retired Racehorse Adoption Fund and allocate any remaining funds to a recognized nonprofit horsemen's organization. Additionally, the bill mandates 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.

Current statutes will 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 newly established Equine Economic Improvement Fund and the Arizona Breeders' Award Fund. The bill also clarifies that the funds are continuously appropriated and exempt from lapsing, ensuring that they remain available for their intended purposes. Overall, the bill aims to enhance support for the equine industry in Arizona through strategic financial allocations.

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