The USA’s third-largest state just turned a huge corner as an agreed sports betting framework that will bring in billions in revenue and millions from tax revenue from Seminole Tribe online and retail bookies is about to go state-wide!
This means not only retail betting but also online betting will become legal across the state. It was thought that a deal to extend gambling facilities outside of designated tribal strongholds in Florida was unlikely to happen after Mayor of Miami Dan Gelber shut down any chances of this happens – or at least when it comes to card games and online slots. However, he did not mention sports betting specifically, but it was assumed that this gambling niche would also unlikely come to fruition.
However, it seems sports betting has the nod and casinos may or may not follow! Most notably for sports brands already operating in the US, there is no bigger news than the newly announced Florida sports wagering deal. It is another record-breaker and means that soon 21.5 million people will have a more liberal sports betting market at their fingertips.
If iGaming also gains approval in Florida, it will mean companies like Evolution and Playtech Live could both operate in the same state due to the sheer size of the market reach!
New York is Now Number Two While California Lags!
Now before this deal, New York had the widest reach to sports betting fans in terms of populations as the state boasts 19.5 million residents, however, there is no online gambling. California technically has the largest reach because the state does allow horse racing bets and daily fantasy sports, but citizens cannot bet on any other sports with the last time the subject of expanding on this being way back in January 2020. Since then, it has not seen the light of day.
California has the largest population in the US with 40 million citizens, while Texas has 29 million, Florida 21.5 million, and New York 19.5 million. Sports betting and iGaming companies are closely monitoring the situation in these markets for changes in legislation!
Texas Could Steal the Show!
Although Florida becomes the largest state in terms of population to offer sports betting both online and via retail outlets, Texas could steal the show. With the USA’s second-largest population, if online sports betting or casino becoming legal, it would open a market so large that Michigan, Pennsylvania, and New Jersey revenues theoretically would need to combine to match it!
In March this year, 2 Texas lawmakers backed cross-party legislation to bring casinos and sports betting to the state. This includes online betting too, but it is more likely only land-based operations will be approved initially!
The US Market Just Keeps on Breaking Records!
Currently, the US market pulling out all the stops with consistent changes in legislation, new brands entering the market, and month-on-month as well as year-on-year revenue figures record-breaking bets placed and revenue. It is the busiest market due to its individual state-by-state laws on gambling. Some states are happy to allow retail venues to offer sports betting services, others do not mind mobile betting on top of this, while there are those states that go as far as allow online casinos bringing slots and table games to their residents!
For European and US companies already offering their expertise in these states, any expansion of the US market is open game, and already companies like Golden Nugget have signed agreements with New York’s Tioga Downs which is a 20-year profit-sharing agreement in preparation for the legalisation of online casinos and sports betting in the state!