MINNEAPOLIS — Minnesota has been on the sidelines of a sports betting boom since 2018, when the Supreme Court paved the way for a national sports betting boom.
A day after a record number of Americans bet on the Super Bowl, Minnesota Governor Tim Walz announced that the Legislature will come together to find ways for the state to take advantage of what has become a $100 billion industry this year. I believe this may be the year I do it.
Asked about the prospects for sports betting on the first day of Congress in 2024, Walz said, “We'll probably be close to getting something done.” “It seems to me that this is probably the year to talk about it in a non-budget year.”
Republican Sen. Jeremy Miller was the first member of the board to introduce Minnesota Sports Betting Act 2.0 in January after version 1 failed in the last legislative session.
“I'm feeling pretty optimistic,” Miller said. “Minnesota people are already betting on sports. They're just doing it in other states, or they're doing it illegally. So now's the time to do it, so we can regulate the market. , can generate a portion of sales tax revenue.''
As for its revenue, the Minnesota Department of Revenue predicts that sports betting could bring in $400 million in revenue within about three years. Sen. Miller's bill calls for a 15% state tax, which would mean about $60 million in new tax revenue for the state.
A DFL-sponsored bill could change that calculation a bit.
RELATED: Minnesota Legislature to discuss sports betting this session
“Right now, the bill I'm proposing puts the tax rate at 10%,” said Sen. Matt Kline. “That's $40 million a year going into the treasury.”
Sen. Klein is also reconsidering the bill after the deadline for the bill he worked on last Congress expired. Since then, he says, he has been dealing with resistance from people concerned about problem gambling.
“The numbers show that states that have legalized sports betting have similar participation rates as states that have not,” Klein said. “People are doing it anyway, so we might as well make it safe, structured and legalized.”
Historically, this has been easier said than done, given that Minnesota's complex relationship with gambling licenses is divided among multiple stakeholders.
“It is very important that we maintain the tribe's exclusive rights to sports betting licenses,” Klein said.
Sen. Miller's bill would tweak licensing to expand some access to racetracks in Minnesota, but the DFL still holds the majority card in all three legislative districts. , he acknowledges that options may be limited.
“My hope is to license tribes as well as tracks, (pro) teams and even charities,” Miller said. “The reality is that we don't have the votes in Congress right now to make it happen. So instead of focusing on and complaining about what's not possible, what is the 2.0 proposal? I really wanted to focus on what is possible.”
RELATED: Minnesota could be on the verge of regular legislative session after critical 2023
“I'm very optimistic,” Sen. Klein said. “Minnesota people want this, Republicans want this, Democrats want this. Sen. Miller's bill is a serious effort to find solutions this year, and it's going to take trucks, tribes, etc. , we're hearing from all stakeholders that people want to get this done,'' and they want to get it done this session. ”
And if they do, the governor says he won't stand in his way.
“I think the question is still, can we get a bill through the House and Senate that meets all of the needs of our district? If so, I said I'll sign it,” Walz said.
On Monday, Andy Pratt, executive director of the Minnesota Indian Gaming Association, released a statement regarding the outlook for the current sports betting bill.
“The Minnesota Indian Gaming Association (MIGA) supports the state’s efforts to authorize sports betting both at tribal gaming facilities and online/mobile platforms. “MIGA and its members intend to follow closely.” I look forward to working with other stakeholders to develop an approach that benefits Minnesotans while protecting Indian gaming operations. ”
Check out our news for the latest local news from the Twin Cities and across Minnesota. YouTube playlist:
