While many Floridians are celebrating the ascensions of championship-bound squads, the Miami Heat and Florida Panthers, the state coffers are looking a little thinner with no gaming tax surplus. According to one report, the state of Florida is missing out big on betting taxes as their pro teams are thriving. Per the same article, it has been estimated in the past that Florida would “rake in $247 million in tax revenue annually from a local sports betting market.” Indeed with the two pro teams playing at a championship level in the NBA Finals and NHL Stanley Cup Final, respectively, Floridians would have gained more than just trophies from their pro teams. However, with legal wagering issues still persisting in the State, there is no regulated market currently active.
In this article, SBS will be going over what to look for from the latest wagering news coming from Florida along with more notes about Sunshine State wagering.
In the same report, it has been estimated that Florida would rake in $247 million in tax revenue annually from a local sports betting market. With Florida being the third-most populated state in the country, this would make the Sunshine State the largest sports betting state, as long as it is launched before California and Texas. Also, as one source points out, Florida is, by population size, bigger than New York, the “current king of sports betting markets.”
The caveat here, as one article points out, is simply looking at the economic impact of the Denver Nuggets on Colorado sports betting. This can show what Florida is potentially missing out on. Taking a closer look at Colorado’s revenue number, April’s revenue report shows that $417.8 million was wagered on sports. This is an uptick of 6.5% in action year over year, with the bulk of the betting action during that stretch being on basketball wagers. Indeed some of these estimates are also on the conservative end as both the Miami Heat and Florida Panthers have been big surprises thus far.
According to one article and other news reports, Florida opened sports betting back in 2021, but it “was shuttered shortly after that launch.” Governor Ron DeSantis and the Florida Seminole Tribe signed a compact into law that allowed for retail and online sports betting. According to the same report, this led to the creation of the Hard Rock Sportsbook app, which is owned by the Seminole Tribe which owns the Hard Rock brand. Because of this, no new compact can be made and the initial one has been void.
However, looking at their brethren in Colorado, it would be hard for Florida sports betting fans to not feel a touch envious. For example, this is the first time basketball has been the dominating sport at Colorado sportsbooks. In April, Colorado raked in $25,148,591.78 in gross gaming revenue with $2,582,614.86. With Florida being a far more populated state with a hunger for sports betting, it is fair to forecast that the Sunshine State could easily surpass even these strong numbers.
Once you are all dialed in regarding the latest gaming news coming from Florida, make sure to also check out the wide variety of great wagering resources at your disposal. For example, if you need more wagering information related to the topic at hand, make sure to check out the Florida sports betting guide where you can find the latest news on Sunshine State betting. On a separate note, if you are looking to make the most of your bets, then the SBS best bonus betting sites rundown is a must-read. On this page, you can find a catalog of the latest welcome bonus offers currently available. Finally, if you are perhaps interested in some higher stakes wagering, then make sure to check out our VIP sports betting sites breakdown which covers all of the nuances of VIP sports betting.
About the Author
As a devout aficionado of sports, Chris Boline has carved a career within the athletic realm. A skilled scribe, he boasts a decade-long portfolio that encompasses coverage of the NBA G League, the Los Angeles Chargers, football and basketball across the country. Beyond his professional pursuits, Chris is deeply invested in his community and dedicates his leisure hours to serving on boards, collaborating with community organizations, and cherishing the company of loved ones. CURRENTLY Business Development and freelance sports writing RESIDES IN Reno, NV EDUCATION University of Nevada BS and MBA EXPERTISE -Sports writing proficiency in: NFL, NBA, UFC, boxing, golf, and some motor sports -Topical news -Promotional and marketing ideas/updates -Business development Summary Chris Boline serves in a business development sales capacity as his day job. He has previously held sales/marketing positions with The Applied Companies (TAC), KTVN 2 News and the NBA G League’s Reno Bighorns, affiliate of the Sacramento Kings. He is a Reno native and is a member of various community boards including the Nevada Sagebrush Alumni Chapter, NCET and the College of Business Alumni Association (COBAA). Chris graduated from the University of Nevada in 2015 with a bachelors in management and economics and also earned his MBA from Nevada in 2023. More about Chris: Past president of the College of Business Alumni Association (COBAA) 2022-23 Two-time honoree for University of Nevada Alumni Chapter of the Year (Nevada Sagebrush Alumni Chapter, 2017 & COBAA, 2021) 2021 NCET award for Professional Services Organization of the Year with TAC Northern Nevada Human Resources Association 2020 Best Places to Work-Northern Nevada, Second Place with TAC 2016-17 Reno Bighorns MVP from the Sacramento Kings The Nevada Sagebrush editor-in-chief 2013-15 Associated Collegiate Press 2015 Four-year Non-daily Newspaper Pacemaker honoree University of Nevada, Reno College of Business Dean's List honoree (5x) from 2011-2015 Nevada Press Association award for Best Sports Column – Community in 2015 Education
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