There’s a bill to legalize sports betting on the docket in front of the Minnesota State Senate, and it’s suddenly becoming a priority among the state’s lawmakers. There’s a reason for this urgency, and it isn’t necessarily because Minnesota’s Senators have become enamored with the thought of sports betting.
The desire to fast-track the bill stems more from the rapid rise of prediction markets and the accompanying concern that the tax revenue that could be accrued by the state from sports betting will instead be directed into federally regulated prediction markets. Since they are licensed and regulated by the Federal Commodity Futures Trading Commission (CFTC), state governments have little control over whether prediction markets can operate in their state.
“The federal government essentially said prediction markets are legal statewide, nationwide, and that includes sports betting,” Sen. Nick Frentz, DFL-North Mankato, told
Minneapolis television station KSTP. “We’ve seen a significant increase in illegal and some would say legal sports betting in Minnesota, including on mobile platforms like on your phone.
“No question, that's a concern. We like people to do business in the State of Minnesota. We want organized, legal, and responsible sports gaming.
“We’re going to lose the opportunity to regulate it if we don’t take action.”
Frentz is one of the authors of Senate Bill SF 4139, which would
legalize sports betting
in the state. The bill would allow Minnesota’s 11 Native American tribes to offer in-person sports betting, as well as mobile and online sports betting. Tax revenue would be set at 22%, to be divided among the tribes and Minnesota’s horse tracks, along with several non-profit organizations and problem gambling treatment programs operating in the state.
The sports betting bill is currently before the Senate Commerce Committee. Frentz believes that the thought of losing all that tax revenue to prediction markets will provide the incentive to pass the sports betting bill.
"We're hoping people will take into account the fact that in the last year, the federal government's made some rulings that essentially allow prediction markets to claim they make sports betting legal in Minnesota," Frenz said. "If we accept that sports betting is now being allowed in Minnesota, I think many people feel the better path is to regulate it."
Minnesota is seeking to shut down prediction markets before they get started
DFL Senator John Marty of Roseville, Chair of the Senate Finance Committee. has introduced Senate Bill SF 4511. This bill would, in essence, work in conjunction with the legalization of sports betting by prohibiting the operation of prediction market sites in Minnesota. However, this bill is expected to face significant legal challenges.
This bill has been referred to the Senate Judiciary and Public Safety Committee.
Marty believes that, beyond the fact that the state gets no tax revenue from prediction markets, these sites are also more open to corrupt practices than traditional sports betting.
"Under predictive markets, people could be betting on if this bill will pass, and I can give somebody a tip that, 'Here's what's going on.' And, 'Hey, we can tank this bill,' or something else. People could make it a corrupt system,"
Marty told CBS News.
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