More Changes to the Proposed Minnesota Sports Betting Bill
A Senate committee approved the proposed Minnesota sports betting bill but introduced some amendments. According to Sportsbookpayperhead.com sources, the committee doubled the tax rate and changed the distribution of sports betting tax revenue. Thus, Senator Matt Klein’s sports betting bill taxes at 20%, with more income for state charities.
Significant changes were made to the law this month, a leftover from the 2023 congressional session. Last week, Minnesota’s Senate Commerce and Consumer Committee amended and adopted a measure to outlaw wagering during live sporting events. The amendment, put up by Republican Senator Jordan Rasmusson (R-9), seeks to empower authorities to adopt a “product safety approach” and incorporate common sense measures to “reduce some of the harms that can result from problem gaming.”
This kind of ban does not exist in states that authorize sports betting.
Proposed Minnesota Sports Betting Bill
Several more changes to Klein’s bill were introduced today. The tax rate has been raised from 10% to 20%, the allocation of income from sports betting taxes has been modified, and licensed gambling software company is now required to follow new guidelines when deducting promotion and free bets.
Despite the committee’s approval of the changes, other lawmakers have pointed out that the measure is far from finished. Although the proposal isn’t yet in place, Republican Senator Jeremy Miller (26th) has stated that he would support the modifications that would advance the measure.
According to Klein, if lawmakers in the state choose to enact a ban on in-game sports betting, they will need to raise the tax rate. Minnesota was expecting almost $40 million in yearly sports betting tax income before the ban on betting during games, and the new 20% tax rate was implemented, bringing the revenue projection down to $18 million, he said.
According to a political news forum, the Minnesota Indian Gaming Association has spoken out against the recently passed ban on in-game sports betting.
