Everyone has their voice back to talk igaming, taxes and Florida in episode 23 of the World Series of Politics.
2024: The year of US igaming?
One of the biggest topics on the show floor was igaming, which made its presence felt at G2E 2023.
There’s a desire to keep building momentum around US igaming in 2024, but Brendan admits it’s not an easy topic in the legislature. At this point he thinks it’s a matter of when, not if, legalisation passes.
The industry is working to educate lawmakers, Brandt says but he believes state finances will be the biggest variable. Federal Covid funding is drying up so states are on the hunt for new revenue – could igaming be the solution?
Michigan shows the potential benefits. It has raced to $1bn in state tax revenue from gaming expansion. Igaming revenue is 2,700% higher than sports betting GGR, so it’s contributing the majority of taxes. If only we knew who passed that legislation…
The risk, Brendan adds, is lawmakers see igaming as the golden goose and impose hefty tax rates. Companies stay out of the market when states ramp up taxes, reducing potential revenues – just look at Ohio.
Florida sports betting saga takes a turn
Next we move onto Florida, where a Supreme Court stay blocked the relaunch of mobile betting. Obviously events have moved quickly and that’s now been lifted with the Supreme Court not taking up the case.
That doesn’t mean it’s a victory for Hard Rock and the Seminole tribe. The case is still in play in the state Supreme Court, so there’s still a risk things grind to a halt and force a total rethink.
Listen on for the latest on everything you could possibly want to find out about regulatory affairs in the World Series of Politics!