Senate Bill No. 125 amends Oklahoma's laws regarding state-tribal gaming by updating terminology and provisions related to the Model Tribal Gaming Compact. The bill replaces references to the "model tribal-state compact" with "Model Tribal Gaming Compact" and clarifies that the Oklahoma Horse Racing Commission will be responsible for licensing organization licensees to conduct authorized gaming under the State-Tribal Gaming Act. It also prohibits local ordinances from restricting or prohibiting authorized gaming at racetrack locations and outlines the regulatory framework for gaming machines and devices.

Additionally, the bill introduces sports pools as a new gaming option, allowing tribes to offer in-person and mobile device wagering on sporting events, contingent upon approval from the Secretary of the United States Department of the Interior. It establishes a fee structure based on revenues from these sports pools, ensuring compliance with federal law, and requires tribes to submit a supplement to their existing compact for implementation. The bill clarifies that it does not authorize new forms of gaming or additional electronic or machine gaming in Oklahoma and is set to take effect on November 1, 2025, following a favorable committee report.