Minnesota Governor Commits to Signing Sports Betting Bill

Walz optimistic

While many attempts to legalize sports betting in Minnesota over the years have come up short, Governor Tim Walz has committed to signing legislation if lawmakers can push through a bill during the session that began on Monday and will run through May 20.

ensuring that tribes and other prospective stakeholders are happy

His main sticking point is ensuring that tribes and other prospective stakeholders are happy with the prospective plan. Talking about the chances of success, Walz said: “I would guess they’ll probably get close to getting something done.”

The Minnesota Department of Revenue estimates that legal sports betting could generate about $400m in revenue for operators after a few years, which would lead to $60m in annual tax revenue based on a 15% tax rate.

Plans in the works

Lawmakers are already pushing the matter and people on both sides of the political spectrum would like to get a deal done. Senate Bill 3803, also known as the Minnesota Sports Betting Act 2.0, would allow sports teams, racetracks, and tribes to operate retail sportsbooks. The bill currently sits in the State and Local Government and Veterans Committee.

Senator Matt Klein is planning to introduce a bill that would address last year’s concerns about problem gambling. He noted that states with legal markets have sports betting participation rates largely the same as before legalization, as people were previously using black market alternatives.

Gaining support

Numerous proposals last year fell short of getting the necessary support from lawmakers. Some of the key differences between the various plans include the level of exclusivity that the tribes in the state would have over the sector.

Many prominent Minnesota lawmakers are bullish that a sports betting bill will gain passage in 2024; House Speaker Melissa Hortman believes that the chances are 60%.

The Minnesota Indian Gaming Association also supports legalization and in a statement this week said that it looks forward to working with stakeholders to create a model that would benefit “Minnesotans while protecting the Indian gaming operations that tribal and rural communities rely on for jobs and economic health.”

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• Source: https://www.vegasslotsonline.com/news/2024/02/17/minnesota-governor-commits-to-signing-sports-betting-legislation-this-year/