Florida’s three primary gambling sectors – pari-mutuel, lottery, and Indian casinos – have been viewed as a means of increasing state revenue and funding community development projects. The continued economic effects of the ongoing COVID-19 pandemic and ensuing recession have left legislative officials to determine how to bring sports gambling into the fold and properly tax new revenue streams.
A bill proposed by Florida State Senator Jeff Brandes would collectively legalize statewide mobile sports betting. The online news outlet Space Coast Daily recently published an article detailing that, if passed, Senator Brandes’s proposed legislation would legalize placing wagers on both professional and collegiate sports, taxing all winnings at a rate of 15 percent.
Earlier this month, REMI provided a webinar presentation, “The Future of Sports Betting,” that used our Tax-PI model to analyze the economic effects of sports gambling in states that have already established some version of sports betting, evaluate a scenario of a new state adopting a similar policy, and demonstrate how to assess the corresponding tax revenue impacts.
Our upcoming REMI discussion, “Economic Outlook: Florida,” analyzes the trajectory of Florida’s economy and evaluates the short- and long-term economic outlook for the state by using our Policy Insight model.
Click here to find the Space Coast Daily article on Florida’s sports betting prospects.
Please use the links below to view the complete proposed legislation on sports betting in Florida:
Feel free to review the presentation slides and a recording of our “The Future of Sports Betting” discussion by clicking here.
You can also find more information about our REMI Economic Outlook Webinar Series by clicking here.