Minnesota introduces retail and online sports betting legislation

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A bipartisan bill allowing for the regulation of sports wagering at racetracks and casinos, as well as online, has been introduced in the Minnesota State Senate.

Under the bill – Senate Bill 410, introduced by Karla Bingham and Jeremy Miller – bookmaker licenses will be issued valid for one year to applicants who comply with the forthcoming regulations. An application fee, license fee and renewal fee will apply, however the cost of each has not yet been specified.

Licensed bookmakers may then contract the owners of land-based casinos or racetracks to accept wagers on their behalf. The bookmaker will be responsible for any actions of officers or employees of the racetrack or casino which constitute a violation of the regulations.

According to the bill, wagers on sporting events may only be accepted from customers placing bets either in person at a casino operated under a tribal-state compact, in person at a licensed racetrack or, beginning twelve months after the commission issues a first bookmaker license, online through a website or mobile application, where the person placing the wager is physically located within the state.

Racetracks and casinos will require an affiliate license in order to accept wagers on behalf of a bookmaker. Affiliate licenses will also carry application, license and renewal fees, though the cost of these has not been specified.

Taxes will be imposed on sports wagering net revenue equal to 6% on wagers placed at a casino or racetrack, and 8% on wagers placed online through a website or mobile application.

Read the full story on iGB North America.

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