The expression "down to the wire" originates from horse racing, where it was long the practice to stretch a wire throughout and above the track at the goal.
The stating is likewise a prompt and apt descriptor of an expense authorized Friday by the House Ways and Means Committee that would legislate sports betting in the state while restricting some gambling devices at horse racing tracks, all with just six legal - and 10 calendar - days staying in the session.
By a voice vote, the committee adopted a delete-all amendment to put the language of HF2000 (sports wagering) into the underlying language of HF5274 (horse track guidelines). A split-voice vote sent out the combined plan to your home Floor.Rep. Zack Stephenson
Legalizing sports wagering
Rep. Zack Stephenson (DFL-Coon Rapids) sponsors both expenses and says legislating sports betting is the very best method to combat the burgeoning illegal black market that already exists in the state.
"It is unlawful to participate in sports betting in Minnesota today, and it takes place every day in extreme amounts. We will be transitioning individuals from the black market into a legitimate marketplace."
By doing so, Stephenson said, the state would gather taxes on all sports wagers, which would both benefit the state's bottom line and be used to run programs to treat issue bettors.
The expense would grant sports betting licenses to the 11 tribal nations in Minnesota and permit those ages 21 and older to bet on a range of athletic events, consisting of esports. Wagers would be enabled at brick-and-mortar areas on tribal lands or using mobile apps licensed to tribal entities.
Wagers could not be put on horse racing or youth sports but would be allowed on certain kinds of fantasy contests.
A tax would be enforced on sports betting net profits equivalent to 20% of wagers positioned online through a website or mobile application. Bets put on tribal land would be exempt from the proposed tax.
[MORE: View the spreadsheet] House Ways and Means Committee - part 1 5/10/ 24
Stephenson stated the bill would prohibit wagering on horse races because doing otherwise would threaten the financial practicality of Minnesota's 2 horse racing tracks, which are already having a hard time due to the handbags they are able to pay.
Portions of the tax income gathered would be used to money handbag supplements of $625,000 annually at the tracks: 72% would go to Canterbury Park and 28% to Running Aces.
Despite steps taken to safeguard horse racing in the state, consisting of the funds to supplement handbags, Rep. Brian Pfarr (R-Le Sueur) said legislating sports betting would deal a big blow to both tracks. "That's insufficient, since if those organization are gone, it doesn't matter."
Appropriations
The expense would suitable $8.32 million in fiscal year 2025 to the Department of Public Safety to perform responsibilities required to develop and manage mobile sports wagering and fantasy contests. Future appropriations would be $5.49 million in 2026 and $5.47 million each year starting in 2027.
[MORE: View fiscal analysis]
Regulating betting at horse racing tracks
The expense would define that "historical horse racing" makers are betting devices and therefore not enabled at Canterbury Park and Running Aces.
Stephenson said these makers are "basically slot devices" because of the random nature of the payments. By law, slots can only be located on tribal lands.
Historical horse racing is an electronic betting product that enables gamers to bank on random replays of formerly run races, utilizing terminals that typically look like fruit machine. Identifying information such as the area and date of the race, and the names of the horses and jockeys, is disappointed.
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