• Sat. Apr 20th, 2024

New MN Senate Bill Proposes Significant Changes to Sports Betting Laws

BySamantha Johnson

Mar 15, 2024
New MN Senate Bill Proposes Significant Changes to Sports Betting Laws

The newly amended sports betting bill in the Minnesota Senate has brought about major changes that are expected to significantly impact the amount of revenue generated for the state. One of the key changes in the bill is the exclusion of “in-game” wagering, which is intended to prevent compulsive gamblers from betting excessively. According to Senator Matt Klein, DFL-Mendota Heights, players will now need to have all their bets lined up before the start of a game and will not be allowed to place additional bets during the game.

Another significant amendment allows gamblers to set self-imposed limits on their daily bets, which has contributed to a decrease in revenue projections from $40 million to $18 million annually. The revenue generated from sports betting would be allocated to various entities, including the state’s general fund, Native American tribes, horse racing tracks, compulsive gambling programs, Minnesota Sports and Events grants, tax relief for charitable gambling organizations, and youth sports.

In an effort to compensate for the reduced revenue, Senator Matt Klein has proposed doubling the tax on sports wagers from 10% to 20%. However, some Republicans have raised concerns about the increased taxes, arguing that more money should be allocated to charitable gambling organizations and horse racing tracks to support the industry in Minnesota.

The sports betting bills still have numerous steps to go through in both the House and Senate before they can be voted on by the chambers. Governor Tim Walz has expressed his willingness to sign a sports betting bill if it reaches his desk. The ongoing discussions and negotiations surrounding the bill highlight the complex process involved in legalizing sports betting in Minnesota.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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