Midterm Elections: What Does it Mean for Florida Sports Bett...| MENAFN.COM

Monday, 06 February 2023 08:01 GMT

Midterm Elections: What Does it Mean for Florida Sports Betting Scene


(MENAFN- MENAFN.COM)

There are numerous races in this year's midterm elections that might have a significant impact on the future of sports gambling regulation and casino expansion in the United States. Despite the significance of the 2022 US midterms in many other areas, gaming regulation is not among them.

Instead, they give a chance to remove a sore that has been making the political body uncomfortable, thereby coloring the discussion and passage of additional gaming laws, be it sports gambling legislation or casino regulations. Only two states, California and Georgia, have gambling on the ballot in any form.

 

Sports Betting Legality in Florida

 

When Governor DeSantis as well as the Seminole Tribe of Florida struck a compact in 2021, the prospects for legalized sports betting in the Sunshine State looked promising. One month later, the Tribe released its gambling app as a result.

However, a federal judge decided that the Florida-Seminole Gambling Compact did not comply with the Indian Gaming Regulatory Act after many cases were filed (IGRA). Five weeks after launching legal sports gambling in the state, the Tribe pulled its mobile phone app in early December.

Sports betting in Florida is on pause until 2023 after the state overturned the gaming agreement. You can take a look at Florida sports betting laws explained by Tech Report to understand better where we currently stand. With that said, sports fans in Florida can legally use offshore sportsbooks like the ones recommended below to gamble on their favorite games.

These sportsbooks operate in a legal gray zone because they are based outside the United States and are therefore not subjected to federal or state gambling regulations. Therefore, players in the state of Florida can access these sites without fear of legal repercussions.

 

Sports Betting Tax in Florida

 

The state of Florida does not currently compel its inhabitants to pay a betting tax on wins from sports betting. This is due to the fact that Florida does not have a state tax and there is no authorized sports betting in the state.

 

Payment Methods

 

Before using offshore sportsbooks to place wagers, players are required to first fund their respective accounts. Therefore, sites offering online sports betting in Florida make this process straightforward for gamblers by giving a variety of banking alternatives. Now, let's take a closer look at some of the more prevalent approaches that are available:

Crypto Betting

Players have a tendency to use bitcoin, which is currently the technique with the highest level of security when it is time to fund their online sportsbook accounts. This method of payment not only ensures the user's well-being but also grants anonymity and incurs low transaction costs.

As a direct consequence of this, the majority of the websites that provide online sports betting in Florida allow many cryptocurrencies. These cryptocurrencies include Litecoin, Bitcoin, Apecoin, Dogecoin, Ethereum, Tether, as well as Ripple.

Traditional Payment

Even while an increasing number of players are funding their sports betting accounts with digital currencies and e-wallets, others still prefer to use more conventional methods. As a direct consequence of this, many of the websites that offer online betting on sports in Florida let users fill their accounts and, in some cases, withdraw money using methods such as credit and debit cards, bank money transfers, and cashier's checks.

 

A Key Factor in Governor's Race - Tribes

 

Stitt's relationship with the tribes has always been tense. This goes all the way back to his presidency and asserts that the bargain between the tribes and the state has been dead since January 1, 2020. According to Stitt, this allowed for separate compact negotiations with 4 tribes out of the model compact controlling the state's interaction with several native governments.

There was persistent animosity over criminal justice concerns, which twice made it to the Supreme Court. Despite an early win for the tribes, that precedent was undermined when Stitt ultimately won the second case. As long as the tribes as well as the governor of Oklahoma remain at odds, no progress will be made on legalizing sports betting in the state.

Given that there are 138 casinos competing for patronage in Oklahoma's gaming sector, this is not a trivial matter. The Sooner State is home to an estimated $1.69 billion in GGR, and it is located in close proximity to Texas's most populous region, the Dallas-Fort Worth Metroplex.

Including retail sports gambling in the doomed compacts with the 4 tribes was something Governor Stitt tried to do. The House of Representatives tabled a sports gambling bill early in 2022 despite the committee's unanimous approval of the bill. If Hofmeister and also the tribes are successful, a compact bargaining procedure could make this issue (in stores and online) more feasible, but only in the distant future.

 

Preparation for the Future

 

It is quite doubtful that the midterm elections in 2022 would result in a gradual increase in the acceptance of gambling across the United States, with the exception of the extremely unlikely scenario that one of the measures in California will be approved.

Instead, the midterm elections will plant the political seeds that will lead to the continued expansion of sports gambling in 2023 and beyond, despite the fact that there will be fewer easy wins and the rate of adoption will likely be slower as a result.


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