Minnesota legislators are embarking upon another journey to attempt to legalize sports betting in the Land of 10,000 Lakes.
Senate File 4139
was introduced in front of the State Senate earlier this month. If enacted, it would authorize and regulate sports betting in the state. Retail wagering on sports would be available at Minnesota’s land-based casinos and racetracks. Online and mobile sports betting would also be accessible in the state.
Democratic-Farmer-Labor Party Senator Nick Frentz of North Mankato sponsors this bipartisan bill. Its co-sponsors are Republican Senators
Jeremy Miller of Winona, Julia Coleman from Waconia, and Eric Pratt of Prior Lake.
Frentz pointed out that with prediction markets already being offered on sports across the state, Minnesotans are missing out on millions of dollars in tax revenue that could be generated from legal and regulated sports betting.
“There is a significant amount of betting on sports in Minnesota right now, but it is unregulated, it is untaxed, it is not providing any help to us as a state,” Frentz told
radio station KFGO.
The bill would give Minnesota’s Native American tribes complete control over online and mobile sports betting in the Gopher State. Up to 11 licenses would be available to online sports betting operators, which would be required to partner with one of Minnesota’s tribes. Each license would be valid for 20 years. Tribes must be operating a Class III gaming facility inside their land-based casino to be eligible to apply for this license partnership arrangement.
Minnesota’s tribes would be required to pay an annual licensing fee of a minimal $2,125. Each tribe would be allowed to partner with one licensed online sports betting operator. The licensing fee for a sports betting site would be set at $250,000 to apply. Once approved, renewal fees for a mobile sportsbook operator would be $83,000, to be paid every two years.
The Minnesota Commissioner of Public Safety would be set as the regulator of sports betting in the state. The tax rate on sportsbooks would be set at 22%. Bettors would need to be at least 21 years of age to be able to place a wager.
Plenty of restrictions are attached to the latest Minnesota sports betting legislation
There are several restrictions attached to Senate File 4139. The bill would ban prediction markets from operating in Minnesota. Prop bets on college sports would also be prohibited, as would the sending of push notifications to players.
Minnesota would also become the first state to require that mobile sports betting sites put into place daily and monthly limits on sports betting accounts. A player would not be permitted to lose more than $500 in wagers during any 24-hour period, and $3,000 over the course of 30 days. The maximum deposit a player would be allowed to make to their sportsbook account during any day would be capped at $500.
Senate File 4139 has advanced through first reading. It has been referred to the Senate Commerce and Consumer Protection Committee and the Rules and Administration Committee.
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