SectorWire
SearchRegister
MenuClose

Minnesota senators propose mobile sports betting framework in SF 3414

Regulation

Minnesota senators Nick Frentz and Matt Klein introduced Senate File 3414, proposing mobile sports betting and fantasy contest rules in the state. The bill would allow up to 11 licences, restricted to federally recognised tribes, and impose a 22% tax on online sports betting operators’ net revenue. It would place oversight with the Minnesota Department of Public Safety; the proposal still requires legislative approval.

Operators and platform providers would need to meet the bill’s proposed tribal licensing, tax and compliance requirements if it advances.

Request a correction

Flag an issue

Keep reading

Regulation

US senators propose restricting sports contracts on prediction markets

US senators have introduced a bipartisan bill that would prohibit prediction-market contracts on sporting events and casino-like activities while allowing contracts with economic purposes such as hedging, according to the report. Senator Adam Schiff said the Commodity Futures Trading Commission lacks the staff and technical capacity to oversee the sector. Industry representatives dispute claims that the platforms should be treated as gambling.

Continue reading