Since May of 2018, the US sports betting industry has been steadily growing. More than half the country has now approved sports gambling legislation. Based on new developments, it seems likely that Florida’s sports betting industry is about to launch.
This is extremely exciting news for sports fans in this state. A regulated sports betting industry will likely bring Florida a massive amount of revenue each month. Today, we’ll talk about what still needs to be done for any sportsbooks to launch here.
Let’s get into it!
US Sports Betting Revenue Continues to Increase Throughout 2021
Prior to 2018, the only state in the country legally able to provide sports betting options was Nevada. A huge number of individuals around the country would flock to this state to make wagers on their favorite teams and players. In May of 2018, things took a complete turn.
It was that year that the US Supreme Court decided to strike down PASPA. This move instantly allowed every state in the country to set its own laws on sports gambling. It didn’t take long for different areas of the country to embrace this new form of gambling.
Places like New Jersey and Delaware almost immediately launched their sports betting industries. This proved to be a fantastic decision. They almost immediately began seeing massive revenue surges from this industry.
2021 is proving to be a hugely successful year for the US sports betting industry. Many states have been reporting big revenue increases each month. Revenue reports for April have recently begun to surface and some states are faring better than others.
Pennsylvania fared much better than some of its neighbors by bringing in $36 million in sports betting revenue. New Jersey brought in $54.8 million, representing a slight drop from the month prior. It was not quite as successful a month for the industry as others this year.
More states are now working hard to launch their sports betting industries. It seems that Florida is about to launch its sports gambling platforms!
Here’s What is Happening With Florida’s Sports Betting Industry
More states around the country have been seeing the massive revenue flowing in from the sports betting industry. For some, this money is becoming too much to ignore. A growing number of lawmakers are presenting bills to regulate their state sports gambling industry.
That includes lawmakers in Florida. For years, officials in the state have been negotiating the Seminole Tribe over ways to successfully launch sports betting options here. It now appears that a major breakthrough has just been achieved.
News has broken that Florida has formally approved online sports betting to launch in the state. This took place after the state’s legislative session. An agreement was finally made with the Seminole Tribe here to get this industry off the ground.
Governor DeSantis was instrumental in getting things approved here. It took a huge amount of lobbying from him and other leaders in the state. Ultimately, these leaders believe that this industry will benefit Florida in the long run.
This doesn’t mean that sports betting will immediately become available here, though. Several steps are still needed for the state to launch its sportsbooks. Sports fans here will need to wait a little longer to make wagers on their favorite games.
Some are now trying to figure out exactly when sportsbooks here will launch. Here’s what you need to know.
When Will Sportsbooks Finally Go Live in Florida?
Obviously, a huge number of residents in Florida are excited to hear that sports betting has finally been approved here. It will take some time for any sportsbooks to launch here, though. There are some key steps needed to get the industry on its feet.
Federal regulators will need to approve this deal. The group will need to agree to expand the Seminole Tribe’s monopoly over the gambling industry. These regulators will have 45 days to approve the measure.
Most feel the US Department of Interior will agree to this new measure. Florida will now join dozens of other states with a regulated sports betting industry set in place. Not everyone is excited to see this happening, though. Rep. Joe Geller, D-Aventura expressed his disappointment to the media this week.
“I don’t know if I’m more brokenhearted for my friends on the other side of the aisle that had to fall into line because you had to, and I’m sorry for you,’’ he said. “Or if I’m more brokenhearted for members on my side of the aisle who came up with every reason in the world to not stand together and make a point.”
If all goes according to plan, the state’s online sportsbooks will become available on October 15. Players will need to be 21 and up to join these internet sportsbooks. We’ll be sure to offer more updates on this situation over the next few months!
Are you excited to hear that Florida’s sports betting industry has been approved? Let us know in the comments section below!