Legal Sports Betting Could Impact State Gaming Laws
The latest proposed plan for sports betting in Minnesota has come in January of next year. This plan, which was a proposed two-tier system which saw a first year only of regulated sports betting, inclusive of on line sports betting, coming in the second year. If passed and approved by the Minnesota State Legislature, the new law would set up a total limit of one percent of the total winnings from sports betting per calendar year to be placed in sports accounts. Of course there would need to be some sort of statutory declaration from the Attorney General that the State is not limiting the amount of sports accounts.
In addition to placing restrictions on sports betting there would also be some other stipulations put into play. For example the amount of gaming tax which must be paid on each individual bet would be prohibitively high. Another way to increase the tax rate could be through legalization of gambling on tribal lands such as in gaming taxes. Some people have raised the concern that legalizing iwi gaming could lead to violent reaction among some gaming tribes against their own gaming facilities.
One of the biggest complaints about sports betting that many people have is that the odds are such that a bettor is unable to make a rational decision as to what team to bet on. It is common for a bettor to place his bet with the goal of picking the most likely outcome, and then take a hasty decision to bet on a team that he believes will win. This can often times result in losing money because the wagertor has little understanding of how to interpret the odds. Most sites will offer you the opportunity to pre-bet before you place your actual bet.
Two other major areas for sports wagering in Minnesota are basketball games and horse racing. Betting on basketball games is much easier than betting on football games because basketball statistics are readily available and widely debated. The same is true for baseball. However, if a sport has rarely been played in Minnesota, such as soccer, the likelihood of a bettor winning at sports wagering on such a team is small.
Legalization of sports gambling has become a hot topic in Minnesota. Currently the state has legalized sports gambling but it is illegal to operate an online gambling website from Minnesota. The House recently passed a bill that will allow internet gambling but will require licensed dealers to open and maintain accounts for customers. The House has not yet voted on whether the bill will go into effect by the end of August. If passed into the state constitution, it will then become law immediately.
The Minnesota Vikings has threatened to sue the state over the new law. Governor Mark Dayton has called on the legislature to pass the bill quickly. House speaker Paul Thissen, DFL, said that the new law will prevent Minnesota residents from enjoying sports wagering. “This is not about gambling. It’s about protecting the integrity of our games.”
According to the World Wide Web site, there are only four states currently allowing sports betting: Iowa, Illinois, Michigan and Wisconsin. These four states join the other twenty-two states that have legalized sports betting through partial legalization. Twenty-two states have legalized sports betting through complete legalization including California. Twenty-two states have limited gambling to a certain amount of wagers. Twenty-two states have imposed a cap on the amount of money an individual can wager on a single game.
Legalized sports betting would affect the amount of money wagered on basketball, football, baseball, hockey, and lacrosse. Legalized betting would also affect college games and any games played off of T.V. Most experts were quick to say that Minnesota should be legalized but that state officials should first attempt to develop a way to help promote gambling across the state. If the idea does work, the next step will be for the state to set up a system of regulated betting.