Assembly Bill 601 proposes to amend the definition of a "bet" under Wisconsin law by creating a new provision that specifically excludes certain event or sports wagers. The bill allows for wagers made by individuals physically located in Wisconsin using mobile or electronic devices, provided that the server conducting the wager is located on the lands of a federally recognized American Indian tribe. Additionally, these wagers must be conducted in accordance with a gaming compact between the tribe and the state that was established before April 1, 1993.

This legislative change aims to clarify the legal status of specific types of sports betting, aligning with federal regulations under the Indian Gaming Regulatory Act of 1988. By excluding these wagers from the definition of a bet, the bill seeks to promote regulated sports betting activities on tribal lands while ensuring compliance with existing agreements between the state and tribal governments.