Senate Bill 592 aims to amend the definition of "bet" under Wisconsin law by creating a new provision that specifically excludes certain event or sports wagers from this definition. The bill stipulates that a wager made by a person physically located in Wisconsin using a mobile or electronic device will not be classified as a bet if the server or device conducting the wager is located on the lands of a federally recognized American Indian tribe and if the wager is conducted in accordance with a compact between the tribe and the state, as established under the federal Indian Gaming Regulatory Act of 1988, provided that the compact was originally entered into before April 1, 1993.

This legislative change is significant as it seeks to clarify the legal status of mobile and electronic sports wagering in relation to tribal lands, potentially expanding the scope of permissible betting activities in Wisconsin. The bill reflects a growing trend to adapt state laws to accommodate the evolving landscape of gaming and wagering, particularly in relation to tribal agreements and the use of technology in betting practices.