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FanDuel Making Big Push for Sports Betting in Florida

FanDuel Making Big Push for Sports Betting in Florida

After Hard Rock Sportsbook stopped accepting wagers in the state, sports betting officially halted in Florida for the time being. Many sportsbook giants saw this as an opportunity to petition to gain access to the potentially lucrative sports betting market.

FanDuel raises the ante to expand its brand in Florida

FanDuel Sportsbook contributed $4.38 million last month to the political committee Florida Education Champions in an effort to allow voters in Florida to have the final say on whether they want the sports betting industry to expand in the Sunshine State through a constitutional amendment. This is an effort to secure a spot on the November 2022 ballot.

The FEC is a political committee that seeks to expand online sports betting beyond the gaming compact that was started by the Seminole Tribe. It was considered a violation of both the Florida state constitution and the federal Indian gaming law that went against the Indian Gaming Regulation Act.

The gaming pact would have generated the Sunshine State $350 million in state and local tax revenue. This would have included $247 million to be directed to the Florida Department of Education’s Educational Enhancement Trust Fund.

To date, FanDuel has raised the ante; thus, bringing the total contribution to $14.38 million to the FEC. Another sportsbook giant and competitor DraftKings Sportsbook added to the contribution by adding $22.71 million to the PAC, according to a newly filed finance report.

If the FEC’s proposal is approved, bettors across the state place wagers at professional sporting venues and pari-mutuel facilities. For convenience purposes, bettors will be able to use their smartphones and other devices to place wagers on different events throughout the year.

A Nevada- based Resort called Las Vegas Sands that separately funded the PAC is working hard to gather the required number of signatures to place an initiative on next year’s ballot to allow casino gaming on non-tribal lands. The required number of signatures needed to add their provisions on the ballot is 900,000.

Secretary of State Laurel M. Lee, who gave a recent update in regards to the situation, noted that the FEC has 172,000 verified signatures at this moment. The numbers could be much higher as representatives have stated that they have more unverified signatures on deck as there is a February 1st deadline.

Why are Sportsbooks like FanDuel making a big push to enter Florida?

If all things go according to plan, sportsbook operators will most likely not have to worry about the Seminole Tribe’s efforts of trying to monopolize the market. Florida is seen as a very lucrative market as the state is home to 22.4 million people, which is the third most populous state in the country. The state is home to many professional sports franchises and is home to many competitive collegiate teams.

The Seminole Tribe plans to purchase the Mirage hotel-casino on the Las Vegas Strip for $1.075 billion. The tribe owns the Hard Rock International global brand.

The Seminole Tribe wants to buy the Las Vegas property from MGM Resorts to build the iconic guitar-shaped hotel on the property. The transition is expected to be completed next year and will be pending regulatory approval.

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