Florida is taking its sweet time in deciding what to do with sports betting in the state. The gambling industry has been evolving in the US since last year. But what complicates what could be a huge statewide betting market, is the decision to allow sports betting rests on the state level. This means that not all states are allowing sports betting yet. And if they do, the terms are not the same as others.
For instance, some states are enjoying the benefits that bookies have by allowing online sports betting. By allowing people to create a sportsbook website, people can conveniently place bets anytime, anywhere. However, some states are being conservative about sports betting, and will only allow a few casinos to accept in-person wagers.
Florida and Sports Betting
Florida is a very huge market to tap, as it is the country’s third most populated state. And the potential is continuing to go undeveloped, as bills on sports betting filed in the senate won’t be discussed until the 2020 session. And even if the bill gets discussed, gaining traction will be a separate issue to face.
The current sports betting bills that will be up for discussion will be more detailed and will have better scope than other states. For one, the bills plan to allow online and mobile sports betting for people above 21 and are physically present in the state. This is a great move, as New Jersey’s handle is 85% from online wagers.
They also plan to ask for a 15% tax rate, which is relatively higher than the average 10% tax in other states. The state lottery will also be in charge and will have oversight on sports betting. But there are a few problems the bills might encounter. One of which is possible opposition from the Seminoles, who are not mentioned in the bill. Their current problems with the government on gambling may also pose problems for future gambling policies in Florida. In addition, there is a law that specifically states that any new gambling bill cannot be passed without voter approval.
So until January, no one knows what direction the local government will be taking on sports betting. But with Florida having a large population and being a top destination for tourists, the gambling industry will be very successful in this market. As early as now, bookies are trying to cash in on online betting as they open a new sportsbook with PricePerPlayer.com. This service enables bookies to easily put up their own sportsbooks and accept players and wagers from anywhere, anytime.
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