Minnesota lawmaker introduces new sports betting bill

Minnesota lawmaker introduces new sports betting bill

Senator Matt D. Klein has introduced SF 757.

US.- Another attempt is being made to legalise sports betting in Minnesota. Senator Matt D. Klein has introduced SF 757, which aims to authorise sports betting and fantasy contests. Klein’s bill would give Minnesota’s 11 Native American tribes the authority to issue sports gambling licences.

SB 757 allows for up to 11 online sports betting licences, each valid for 20 years. Minnesota’s tribal nations would be eligible for one online wagering licence each. The proposed legislation proposes a 22 per cent tax rate on sports betting net revenue. Wagers placed on tribal land would not be subject to the tax rate. According to the bill, 15 per cent of tax revenue would go to a racing economic development fund.

SB 757 also establishes a framework for fantasy contests. Tribes would be able to partner with DFS operators. Fantasy contests would be taxed at a 15 per cent rate on adjusted gross receipts.

Meanwhile, Jeremy Miller‘s Minnesota Sports Betting Act 3.0 combines aspects of two previous proposals. The bill would allow licences for Minnesota’s 11 tribes to run on-site and/or mobile sports betting. Operators would be taxed at 20 per cent on online sports wagering net revenue. Wagers placed on tribal land would not be subject to tax.

Tax revenue would be split, with 50 per cent for tax relief on charitable gambling, 25 per cent to bring major sporting events to Minnesota, 20 per cent to enhance horse racing, 2.5 per cent for mental health and problem gambling support and 2.5 per cent for grants to support youth sports.

Some Minnesota legislators and campaigners expressed concerns about the possibility of legalising sports betting at a hearing held by the Minnesota Senate Finance Committee earlier this month. Senator John Marty, chair of the committee, led the hearing, which covered concerns about illegal gambling operations, VIP programs, responsible gaming and gambling disorders.

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