Florida Sports Betting
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After years of trying to legalize sports betting, it appears as though Florida residents will finally be able to access wagering options.
In May 2021, officials approved a gaming compact between the state and the Seminole Tribe, setting up the new betting industry.
Now, federal authorities must approve the agreement before betting can begin. The goal is to launch by late 2021 or 2022.
Pros & Cons Of Betting On Sports In Florida
- Betting is offered on all major sports, including the NFL and NBA.
- Choose from a variety of bet types, including props, futures, totals, and moneyline.
- Wager with major providers for secure betting.
- Find competitive odds on all sports.
- Sports wagering locations are limited.
- Sports betting winnings are considered taxable income.
- You cannot bet on high school sports within the state.
Would We Bet On Sports At Florida Sportsbooks?
Yes, when online sportsbooks go live. The compact signed between the state and the Seminole Tribe must be approved first.
There are also legal challenges at play that could delay mobile sports betting from launching. The lawsuits may slow down the option for online betting for quite some time.
Sports betting could become big business in the state of Florida. If the tribal compact of the Seminole Tribe is approved federally, then the casino venues of the tribe would be able to offer premium sports betting services.
The pari-mutuel properties in the state can also set up deals with the tribe, which would secure even more sports betting options for residents and visitors.
Overall, we see Florida having strong sports betting market once services are live.
How To Sign Up At A Betting Site
To participate in online sports betting, you need a player account. Operators offer a simple sign-up process to get you started.
- First, you will need to visit a licensed operator and create a new player account. This requires your name, address, telephone number, email, and last four digits of your social security number.
- You will also be asked to submit a copy of a valid ID to prove your identity. The verification process can take up to 48 hours, depending on the operator.
- Complete the verification process and you will be set up with a sports betting account.
Be sure you only sign up for one account. Avoid trying to open multiple accounts, as the operator will lock you out. Only one account should be required when an operator offers multiple service options, such as online casinos and sports betting.
If you sign up more than once, it causes a security issue and leads to problems that can be avoided if you only create one account.
Online sports betting sites in the US are restricted to within the individual state’s borders. For a player to access real money sports betting, the person must prove their location. This is done with geolocation technology.
An operator will require that you download GeoComply software to detect your location. The software runs in the background and ensures you are legally allowed to access sports betting services in Florida.
Sports Betting Apps
Currently, there are no sports betting apps in service in the state. Once sports betting begins and mobile wagering is allowed, this section will be updated.
Easily find the same betting options in an app as you would via your desktop, taking your betting on the go whenever you like. In
Pros & Cons Of Sports Betting Apps
- Place a sports bet from anywhere at any time.
- Adds funds to your account while on the go.
- Wager on your favorite team as you watch the game.
- Keep track of your wagers in the mobile betting slip.
- An internet connection is required to access betting apps.
- Some betting apps are not available on iOS.
- You may have trouble connecting to apps in rural areas.
How To Fund Your Betting Account
Before you can post a real-money bet in Florida, you need to fund your online account. The process of adding funds is simple. Each operator offers several methods for deposits and withdrawals.
As you choose a method, step-by-step instructions are provided to help you complete the process.
How To Deposit:
- Log in to your sports betting account.
- Click on the ‘Cashier’ and select ‘Deposit.’ Enter in the amount you wish to add.
- Follow the directions provided to add funds.
- Once the funds are in your account, use the money to place sports bets.
How To Withdraw:
- Log in to your account and select the ‘Cashier’ option.
- Choose the ‘Withdrawal’ tab and enter the amount you wish to withdraw.
- Choose your payout method and follow the instructions provided.
- Payment should be provided instantly or within a few days, depending on which method you chose.
Online Sportsbook Payment Process
Operators offer premium banking methods to ensure you have easy access to adding cash to post bets. Similar options are offered for a withdrawal, so you can cash out once you earn a win.
Check out the available banking options provided by an operator before you try to add or withdraw funds to ensure that they provide methods that suit your needs.
Common Deposit Methods:
- Credit cards
- Debit cards
- Online banking
Common Withdrawal Methods:
- Online banking
How Do Sports Betting Sign Up Offers Work?
Once you join an online sportsbook in Florida, you will notice that operators offer sign-up deals. These offers are incentives for players to take advantage of to try out an operator’s services.
You will find three common types via sportsbooks: First deposit, no deposit, and risk-free. Check out the details of these offer types to find the best option for your bankroll needs.
First Deposit Offer
The most lucrative offer is the first deposit deal. Operators will offer you a percentage of bonus cash based on the size of your deposit. Most sportsbooks will provide a 100% match worth up to a certain amount.
For example, let’s say a provider offers up to $500 in bonus cash. So, you deposit $300. With a 100% match, you earn an additional $300 in bonus cash you can use to place sports bets.
It is important to note that offers like this have wagering requirements attached. You must meet the set requirements before you can cash out any winnings. Be sure to read all the terms and conditions before claiming an offer.
With this option, you will most likely have to wager the cash plus the bonus amount a certain number of times before you can withdraw.
No Deposit Offer
The sportsbook offers you bonus cash you can use to place sports bets. This option does not require a deposit but still provides bonus cash. The operator will stipulate the amount.
This is at no cost to you, which gives you the option to try a new book absolutely free. However, this deal usually requires a deposit before any winnings can be removed. Read the terms of the deal before claiming.
The sportsbook allows you to earn bonus cash with the risk-free bet if you lose your first bet. The site will offer you a certain amount for the risk-free bet. Let’s say it is up to $500. So, you place a bet up to the $500 amount.
If your bet loses, you receive the same amount back in bonus cash to use on future bets. This is another excellent way to try a sportsbook without considerable risk to your bankroll.
Where Can I Place A Bet In Florida?
Currently, sports betting is not live in the state. If federal approval is provided for the Seminole Tribe compact agreed upon by lawmakers, sports betting will be offered via properties of the tribe in the state.
As the legislation stands now, the Seminole Tribe can also sign deals with outside brands like BetMGM or FanDuel to allow the companies to offer sports betting services.
Florida Sports Betting Laws And Tax Rates
The sports betting law is technically in place in Florida via the tribal compact signed with the Seminole Tribe in 2021. The agreement allows the tribe to offer sports betting, and they must pay 13.75% of revenues to the state.
This percentage is bound by a stipulation that the tribe must sign a contract with three pari-mutuel operators or more within a three-month time frame.
With an agreement, pari-mutuels would be able to launch online services. However, the servers used must be owned by the Seminoles.
If deals are not struck, the percentage of the revenue share will increase by 2%. Pari-mutuels offering services will be able to keep 40% of earnings.