Minnesota is edging closer to joining the sports betting wave that's swept across the nation since the Supreme Court's 2018 decision. Governor Tim Walz and state legislators are optimistic that 2024 could be the year Minnesota taps into the booming $100 billion sports betting industry.
Following a surge in Super Bowl betting, Senator Jeremy Miller introduced the Minnesota Sports Betting Act 2.0, aiming to regulate and tax sports betting to bring new revenue to the state. With a proposed 15% state tax, the initiative could generate an estimated $60 million in tax revenue within three years.
Senator Matt Klein, proposing a 10% tax rate, emphasizes a safe and legal framework for betting, addressing concerns around problem gambling. Both senators stress the bipartisan support for the initiative, which seeks to balance interests between state revenue, tribal exclusivity, and public safety.
The Minnesota Indian Gaming Association supports the move towards legal sports wagering, emphasizing the benefits for tribal and rural communities. Governor Walz has pledged to sign a comprehensive bill, marking a significant step towards legal sports betting in Minnesota, poised to enhance the state's economy and modernize its gambling landscape.