South Florida- An Untapped Gaming Market

South Florida- An Untapped Gaming Market

Seeing Into the Future: Can Tarot Cards Predict the Future?Florida is the quintessential destination for people from all over the world as it offers a mix of elements that you will hardly find in other states in America. Many things come to mind whenever people mention Florida – the sunny weather, the exciting Latin culture, the spirited party life, and beaches, but what about gambling? 

Most people would say Florida is not Vegas and that’s true, but this may be about to change. The pressure on the Senate to reach a gambling deal with the Seminole Tribe of Florida and legalize sports betting is increasing and this could change the position Florida holds within the US gaming industry. The gaming roots in Florida stretch back to the 1890 and the popular Seminole Hard Rock Casino in Tampa is actually the sixth-largest casino in the world. These are some of the factors as to why Florida is considered an untapped gaming market with the potential to grow more than many other states. 

The Gambling Culture in Florida

The current landscape offers a mixed gambling experience combining tribal casinos, racetrack casinos, and jai-alai frontons. Statistics reveal that in every three adults in Florida, one of them is an active gambler and 93% of over $2.4 billion made by casinos in the state comes directly from Florida residents. The average cash value that a typical gambler spends in casinos every year is not less than $866. Gambling is recreational to such residents and once the industry expands, residents and tourists will prioritize gambling than any other form of entertainment.  

The gambling culture in Florida is more developed than many regions in America. Even in the early 1900s, Florida had made a name for itself as a popular gambling hub with famous gamblers like Al Capone relocating to Miami once gambling was illegalized in other regions. The large population and the great potential to attract tourists are other important factors. When gambling was associated with people like Al Capone, it may have had a stigma attached to it but since then, the casino culture has been embraced throughout the state.

According to the region’s Senate Gambling Committee, the market is already thriving under gambling and is more saturated than most landscapes, employing more than 200,000 people. The next development phase must, therefore, ease gambling laws to accommodate more players. In major cities like Tampa and Miami, the industry is already creating jobs for thousands of people and generating substantial revenue for the state. 

The reports from the committee also take into account ethical considerations of expanding the industry and concluded that it would have minimal social and economic impacts to the state. This ascertains the future of gambling and opening up the online market in the coming decade. Many believe these changes will have a positive impact on the tourism industry and according to a study made by the University of Florida, tourists would not only stay longer but also spend another $400 while gambling. 

Online – Always an Option

Many people moving to different states within America from other parts of the world feel they are missing out on gambling opportunities available in Europe and Australia. Even though operating an online gambling site is illegal in Florida, the law does not restrict you from gambling with offshore betting sites that can guarantee secured transactions. 

South Florida has the largest population of people migrating from the Caribbean region, which has fewer restrictions on online gambling. Many continue to use the same online accounts after they migrate as these are accessible also from Florida and support not only English but also Spanish and Portuguese.

As these offshore casinos and sports betting sites have an extensive variety of gambling options, with sometimes very lucrative promotions and quick cash-outs, they are often a better choice for locals that just want to make a bet and are less interested in the entertainment and atmosphere people turn to casino resorts for. While the tourism section may benefit from more casino resorts, local gamblers are waiting for the gambling committee to open up online gambling and make online sports betting legal within the state.  

Towards a New Gambling Era

The conservative mentality in regards to gambling is losing its place as new generations arise. Online gaming and sports betting in the US is an untapped multi-billion dollar industry and considering the demographic and thriving tourism sector in Florida, it’s not difficult to see the potential of opening up the gaming industry. The exciting culture influenced by Latin America, the Caribbean, and the native population improves the acceptance rate for any recreation-related business venture. Changes in the current gambling law and tax policy in Florida has been discussed since 2012 when a dedicated gambling committee was established. Since then not much has happened. Today the pressure from the gaming industry is stronger than ever. With lenient regulations, the online gaming industry can work both ways to generate huge income for the state and present the residents with new opportunities to supplement their income. 

What a gaming deal with the Seminole Tribe of Florida would include is not fully clear but it could give the state up to $700 million a year. Despite the fact that a bill was not yet passed, the rumors about the possibility of sports betting becoming legalized in 2020 continues. We can only wait and see.     

 

 

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