Minnesota looks like it’s ready to go all in on legalized sports betting this session. There are two bills set to square off on the floor, but as you know, only one can come out on top.
Here’s Five Fast Facts on Legalized Sports Betting in Minnesota:
- ⚾ Cover - The Supreme Court lifted the ban on sports betting in 2018, giving the states the go-ahead. Minnesota has yet to come off the bench.
- 🏇 Action - Last year's attempt to get in the game fell short, but Governor Walz thinks 2024 might just be their lucky year. Plus, since it's not a budget year, it's the perfect time to take another swing at it. Walz is even game to sign the bill, as long as it's what the people want.
- 🏈 Spread - Both proposals would give indigenous tribes a license of their own, adding to the income already brought in via casinos and maintaining their gambling exclusivity.
- 🥊 Odds - Republican Senator Jeremy Miller’s bill has a 15% state tax which would equal around $60M in new tax revenue. Democratic Senator Matt Klein includes a 10% rate in his bill, which would equal $40M in revenue. I’m willing to bet they have DraftKings accounts.
- 🏀 Favorite - Advocates point to data that shows participation in sports betting is identical, no matter the legality. Both bills have measures for structure and safety.
🔥Bottom line: Both sides of the aisle are on board with this one, folks. That doesn’t necessarily mean gambling will be legalized this year, but it certainly feels like it’s only a matter of time. With the amount of revenue it’s projected to net the state, it doesn’t look like there’s a downside.
So, are you ready to place your bets on sports?
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