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Florida Senate Introduces Possible State Budget-Balancing Gaming Bill

Tuesday, February 28, 2017 6:55
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Whether you like it or not, the multi-billion dollar gambling (gaming) industry in Florida is not going away anytime soon, possibly never.

Gaming is big bucks. Just look at Las Vegas, a city wholly developed on the back of the gaming industry.

Because it was a huge gambling Mecca for foreigners, including Americans, pre-Fidel Castro Cuba stands to regain the beach and gambling prominence it once enjoyed.

Now that Cuba is open to Americans for business, the gaming industry on the island will surely lure more Americans to put on a guayaberas and fly down to sip on Mojitos and play a little Black Jack.

Could Florida be losing out to Cuba if the state gaming industry isn’t addressed?

The Florida Senate is looking to restructure the gaming industry so that the benefits Floridians enjoy due to gaming are maximized.

Senate Bill 8, a bill that ratifies the 2015 Indian Gaming Compact, and -addressing the gaming industry’s relationship with the statue of Florida-has been introduced and should go down to a vote this upcoming legislative session.

The bill’s passage could be the quick fix legislators need to balance the state’s budget considering that there could be a significant budget shortfall.

SB8 lists a slew of gaming issues that will be addressed, including the regulation of fantasy contests like Fantasy Football and allowing slots and cardamoms to stay open 24 hours.

The bill also cuts the tax rate from 35 percent to 25 percent on the gross receipts from slot machines, a move that will help subsidize the state’s education system.

Big Gaming means big bucks for Florida. The state could stand to pull in $350 million if this bill is passed and signed.

The post Florida Senate Introduces Possible State Budget-Balancing Gaming Bill appeared first on Shark Tank.


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