Another Minnesota Sports Betting Bill Introduced
Latest Bill Sees Majority of Funds Go to Problem Gambling
There hasn’t been a shortage of sports betting bills introduced in Minnesota. The latest came on Wednesday from Sen. John Marty. The problem so far has been getting one passed and Marty’s isn’t likely going to be the one that gets it done. The problem is keeping everybody happy and the latest bill isn’t going to do that.
There are plenty of people with their hands out whenever a new Minnesota sports betting bill is introduced. There are tribal interests to be considered, along with the horse racing tracks and others.
The Minnesota Legislature was busy on Wednesday. While the Senate saw the introduction of Sen. Marty’s Minnesota sports betting bill, the Minnesota House Commerce and Policy Committee met for a little more than 30 minutes to discuss HF 2000.
That is the lone sports betting bill introduced in the House. The bill allows the state’s 11 tribes to offer online sports betting and retail sports betting. There could be as many as 11 different sports betting apps offered in the state.
One of the drawbacks to the sports betting bill is it taxes revenue at just 10%. The sportsbook operators would enjoy that, but not all of the legislators agree. During Wednesday’s committee meeting there was also concern expressed over the tribes which don’t get to partner with one of the industry giants.
Obviously whichever tribes partner with the likes of FanDuel and DraftKings have an advantage over a tribe that works with a smaller online site.
Latest Proposal Different Than Others
Sen. Marty’s Senate File 5330 differs from the other Minnesota sports betting bills that have been introduced. It calls for a 40% tax on revenue, which is a significant increase from the 10% and 20% proposed tax in the first two bills introduced this session.
It also calls for 75% of the tax revenue to go to problem gambling and addiction services. The remaining 25% would go to the state’s general fund.
Marty has been adamant that any bill to legalize wagering on sports be focused on problem gambling.
“Any sports betting law should include a heavy focus on preventing problem gambling and protecting minors, including young athletes,” he said in a statement in January. “The legislation needs to acknowledge the devastating economic, social, and mental health impacts – including suicide risks – on many bettors and their families, as well as the impact on the integrity of sports and the risks to athletes.”
Marty’s bill bans in-game wagering, which is a sticking point for some legislators. It also sets limits on the amount bettors can deposit and lose in a 24-hour period. If losses exceed $3,000 in 30 days, there would be a three-day “cooling off” period. Bettors would not be able to place wagers during that time frame.
That will be a non-starter for many people. Not all bettors wager the same amounts or have the same sports betting strategies. One bettor could wager $3000 per game, while another could bet $11. Having the same deposit limits on both bettors is not an ideal solution.
The Minnesota Legislature will be in session until May 20. That leaves plenty of time to work an agreeable sports betting solution.
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