Florida Legalizes Sports Betting Pending Federal Approval: Florida, like a few other states around the nation, hasn’t had the opportunity to bring sports betting to reality due to the rules that were set by the tribes. As of right now, Floridians have been using offshore sportsbooks to place wagers. Sports betting through the legal way may become a reality as the state is looking to tear down the barrier that was holding back the state for years.
SPORTS BETTING IN FLORIDA IS PENDING FEDERAL APPROVAL
On Wednesday, Florida joined the few states like New Jersey, Colorado, Illinois, and many others in regards to authorizing mobile sports betting in the state. Some things need to be done for the people to start wagering legally in the state. Even if the deal goes through, there will most likely be a waiting period for potential customers to place a wager.
Small changes will start forming into shape as a thirty-year deal is pending a 2.5 million dollar deal that would essentially give the Seminole Tribe of Florida a state-sanctioned monopoly on sports betting. This is to make sure that there is a 500 million dollar guarantee for the state in terms of revenue sharing for the Tribe and for sports betting to become legalized.
WHAT ARE THE PLANS WITH THE REVENUE
The 500 million dollars would do a lot according to Seminole Gaming CEO Jim Allen. Operating casinos will allow it to cover $400 million of the $500 million it has guaranteed to the state in revenue sharing. The remaining 100 million will allow it to cover the sports betting aspect of it if the federal regulators allow it to happen.
The federal regulators agree to the terms, the U.S. Department of Interior will have 45 days after the bill is signed by Gov. Ron DeSantis to make a decision.
CAN FLORIDA POTENTIAL COMPETE WITH OTHER STATES
The state gets millions of tourists a year no matter what time of the year it is. A PlayFL news release stated that Florida… “Could become one of the largest sports betting markets in the country,” eventually generating “between $8 billion and $12 billion per year, with $10 billion annually a likely target.” There are more provisions in the agreement that could allow the tribe to re-negotiate another deal with the state after the first three years is up.
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If a customer is 21+, the individual can sign up for any of these mobile apps to place wagers or play casino games. As more people sign up, this will create more revenue down the line.
The Florida Restaurant and Lodging Association support the new gaming compact, with 62 percent in favor versus 17 percent that opposes it.
If the federal approves the bill for sports betting, wagers will not be limited to just native lands as bettors can make wagers online via phone.
Just seeing how Tennesee just reached the billion mark in terms of wagers in six months and beating New Jersey’s record in a shorter time frame, it will interesting to see how Florida will do if the bill gets approved. It’s a thirty-year pact so the ones involved in this negotiation have to make the best deal possible.