The phrase "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 finish line.
The stating is likewise a timely and apt descriptor of an expense authorized Friday by the House Ways and Means Committee that would legalize sports wagering in the state while restricting some betting gadgets at horse racing tracks, all with simply six legislative - and 10 calendar - days remaining in the session.
By a voice vote, the committee adopted a delete-all modification to put the language of HF2000 (sports betting) into the underlying language of HF5274 (horse track policies). 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 bills and states legislating sports is the finest method to combat the burgeoning illegal black market that currently exists in the state.
"It is illegal to participate in sports wagering in Minnesota today, and it occurs every single day in severe quantities. We will be transitioning people from the black market into a legitimate marketplace."
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By doing so, Stephenson stated, 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 deal with problem bettors.
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The expense would give sports wagering licenses to the 11 tribal countries in Minnesota and allow those ages 21 and older to bank on a range of athletic events, consisting of esports. Wagers would be permitted at brick-and-mortar areas on tribal lands or utilizing mobile apps licensed to tribal entities.
Wagers could not be put on horse racing or youth sports however would be allowed on particular sort of fantasy contests.
A tax would be troubled sports betting net profits equal to 20% of wagers put online through a website or mobile application. Bets positioned 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 said the costs would forbid banking on horse races since doing otherwise would threaten the financial viability of Minnesota's 2 horse racing tracks, which are already having a hard time due to the shrinking purses they are able to pay out.
Portions of the tax earnings collected would be utilized to fund handbag supplements of $625,000 every year at the tracks: 72% would go to Canterbury Park and 28% to Running Aces.
Despite steps taken to protect horse racing in the state, including the funds to supplement purses, Rep. Brian Pfarr (R-Le Sueur) stated legislating sports betting would deal a huge blow to both tracks. "That's insufficient, since if those organization are gone, it does not matter."
Appropriations
The bill would appropriate $8.32 million in fiscal year 2025 to the Department of Public Safety to perform responsibilities required to establish and control mobile sports betting and fantasy contests. Future appropriations would be $5.49 million in 2026 and $5.47 million annually starting in 2027.
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[MORE: View financial analysis]
Regulating betting at horse racing tracks
The costs would define that "historical horse racing" devices are gambling gadgets and for that reason not permitted at Canterbury Park and Running Aces.
Stephenson stated these devices are "essentially slot makers" 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 players to bet on random replays of previously run races, utilizing terminals that generally look like slots. 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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Legalized Sports Betting Back on Track as Session Reaches home Stretch
Lachlan Farncomb edited this page 2025-06-29 00:43:04 +08:00