Minnesota Gov. Tim Walz will sign sports betting legislation into law if lawmakers advance the bill. [Image: Shutterstock.com]
Walz is optimistic
While numerous attempts to legalize sports betting in Minnesota over the years have failed, Gov. Tim Walz has committed to signing the legislation if lawmakers can pass a bill during the session that began Monday and will continue through May 20.
Ensuring the happiness of tribes and other potential stakeholders
The main sticking point for him is ensuring that tribes and other potential stakeholders are happy with the prospective plan. Speaking about the chances of success, Walz said: “I think they may be close to accomplishing something.”
The Minnesota Department of Revenue estimates that legal sports betting could generate about $400 million in revenue for operators after a few years, which could result in $60 million in annual tax revenue based on a 15% tax rate.
Plans in the works
Lawmakers have already begun to push the issue, and people on both sides of the political spectrum want to reach an agreement. 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 is currently in the State, Local Government and Veterans Affairs Committee.
Sen. Matt Cline plans 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 they did before legalization, as people previously used black market alternatives.
Get support
Many proposals last year did not receive the necessary support from lawmakers. Some of the key differences between the different plans include the level of exclusivity the tribes in jurisdiction will have over the sector.
Several prominent Minnesota lawmakers are optimistic about the passage of a sports betting bill in 2024; House Speaker Melissa Hortman believes the odds are 60%.
The Minnesota Indian Gaming Association also supports legalization, and said in a statement this week that it looks forward to working with stakeholders to create a model that will benefit “Minnesotans while protecting the Indian gaming operations that tribal and rural communities depend on for jobs and economic health.” “.
