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.