Sports Betting Ballot Initiative Misses Deadline

The sports betting areas inside the casinos are like trading floors.

A proposed ballot initiative seeking to become a Florida Constitutional amendment backed by sports betting giants DraftKings and FanDuel fell short of a petition gathering deadline. The ballot measure is now dead in the water after receiving only 502,903 verified petitions. Constitutional ballot measures require 891,589 verified petitions by February 1 to move forward in Florida’s constitutional process.

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Out-Of-State Corporations Pour Millions into Florida Gambling Ballot Initiative

Sports Book Betting

DraftKings and FanDuel have contributed to more than $20 million to fund a ballot initiative hoping to expand gambling in Florida. The ballot measure would legalize sports betting at all pari-mutuels, professional sports stadiums and arenas, and throughout the state where betters could have access to a mobile sports betting platform.

After the two corporations were left out of the negotiations between the State of Florida and the Seminole Tribe of Florida, leading to the Seminole Gaming Compact, the political action committee, Florida Education Champions, is backing this 2022 ballot initiative.

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All Bets Are Off on Mobile Sports Wagering Being Legal in Florida on October 15

Under the Florida-Seminole Tribe gaming compact signed by Gov. Ron DeSantis and approved by lawmakers in May, mobile online sports wagering becomes officially legal in the Sunshine State on Oct. 15.

But after two Florida pari-mutuels filed a motion in federal court late Tuesday to block the sports wagering component of the 30-year gaming deal from being implemented, don’t bet on it.

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DraftKings and FanDuel Put Millions on Florida Constitutional Amendment

The sports betting areas inside the casinos are like trading floors.

Draft Kings and FanDuel have each contributed $10 million to the Florida Educational Champions political committee who are funding a ballot initiative which would legalize sports betting in Florida.

The chairman of the political committee, David Johnson, took time to thank the sports betting companies for their contributions to the committee.

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DraftKings and FanDuel Back Amendment to Allow Sports Betting in Florida

Two of the largest companies in the daily fantasy sports industry, DraftKings and FanDuel, are backing a political committee’s efforts to legalize sports betting. The political committee, Florida Education Champions, is proposing an amendment that will allow sports betting at professional sports venues, pari-mutual facilities and through online platforms. The amendment would also raise money for education.

The amendment, as detailed on the Division of Elections website, states that if betting revenues are taxed, the monies would be required to go to the state Educational Enhancement Trust Fund.

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Virginia on Track to be Fastest State to Reach $1 Billion in Sports Betting

Sports Book Betting

Sports betting in Virginia launched January 21, and Virginians have already wagered $865 million, according to press releases from the Virginia Lottery. In April, Virginians wagered $236.43 million according to a May 28 press release.

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Sports Betting Projected to Net Millions in Tax Revenue for Tennessee

Sports fans in Tennessee placed the first legal sports bets in the state this week, as sports wagering became legal Sunday.

Sports wagering is estimated to generate up to $4.5 billion in revenue each year, according to a study by Oxford Economics. The state will collect about 20 percent of that revenue – the second-highest tax rate on sports betting in the country – to support scholarships in the state.

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Mobile Sports Betting Is Coming to Virginia in 2021

Mobile sports betting will be launching in Virginia by January 2021 at the earliest. 

Since legislation was passed by the Virginia General Assembly and became effective July 1st, the Virginia lottery, who has been tasked with regulation and oversight, has been working to turn mobile sports betting for Virginians into a reality.

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