Taxation and Indirect Taxes in Gambling and Professional Sports Betting – Legal Sports Betting in the USA

If you are a sports bettor and have recently moved to Florida, I’m sure you are probably wondering how to bet on sports in the State of Florida. Legal Sports Betting Requirements: Prior to wagering, you must register with an authorized sports betting dealer licensed by the Florida Department of Financial Services. This information is found on the website or in the new online sportsbook that you will open upon signing up.

sports betting

Gambling Age: All gambling activities are illegal in the state of Florida. Age of majority and residence of the bettor does not matter. Illegal Sports Betting/ Consumption Area: Gambling is strictly prohibited within the city limits of Florida. Live Gambling: Ok, I’ll admit it, I live in Florida and have been known to gamble a little here and there, but not in public.

Live Betting Regulations: All sports books and card shops must implement Gambling Laws covering all wagers made on cards, tickets, computer games, and mobile sports betting apps. If you are found to be participating in activities which are in violation of the law, you may be arrested. The Florida Division of State License and Inspection has created a list of prohibited gaming and online sports betting activities. Anyone who fails to pay for a bet they won or someone who knowingly performs any act in order to affect the outcome of that game, is guilty of a felony. Ron Desantis refused to make his Las Vegas Lottotery payments when he was arrested and served three years in prison.

I proposed to legalize sports betting in Florida, so I could take all the money the other guys were paying to gamble and run my own gambling casinos. My proposal was shot down by the Florida legislature, which is controlled by the powerful Florida Family Association. Unfortunately my idea for legalized sports betting wasn’t very popular among the members of the Florida legislature. You can imagine how many representatives and committees were against legalizing sports betting.

It wasn’t that the members of the Florida legislature were against sports betting per se, but rather against anyone doing it. There is a lot of money at stake, millions of dollars, at the professional and college sports betting establishments. Many people work very hard at earning this money and they don’t want it taken away from them by law. They are also concerned about the potential loss of revenue at the state and local casinos that participate in the multi-state gambling networks, which also include Indian casinos and tribal casinos.

Many people who profit from sports betting and casino games, do so through the use of sports betting pari-mutuel facilities. This is where professional gamblers come together with the people who place wagers on the games they are playing. The bettors (gamblers) go to the pari-mutuel facility and place a bet with the person whose wager wins. Sometimes the winning bettor will take out part of the winnings and keep that with him as winnings for himself. Now the problem arises when the winnings from the pari-mutuel facility start adding up.

You see, the three states that have the highest taxed sports betting are Florida, Alabama and New Jersey. Interestingly enough all three states, even Florida, have very high regulated gambling facilities and the profits from these sports betting facilities and the income from the State of Florida alone exceeds the entire gambling income from the combined total of all the other states. Now then, I asked you all that if you knew there was such a thing as “indirect taxes” or “pari-mutuel tax rates”. You know, most people just say that we’re against “taxation”, but that’s not really what we’re talking about. What we’re talking about is when there are profits involved from the gaming activity.

So, the Florida State Department of Revenue has set the rates for sports betting at fifty-two percent. That means for every two hundred dollars you wager you must pay fifty dollars in Florida state tax. Now then, if you’re from Florida and you place a bet, you have to pay that fifty dollars plus your winnings and that leaves you with only a profit of fifty dollars and that’s it. Now then, what I’m trying to say is that if you’re a resident of Florida you can legally participate in sports betting and receive a check for fifty dollars for your sports betting activities. Now then, if you’re from any of the other fifty states that also allows for sports betting there is no tax that you have to pay to participate in the sport of your choice. Please consider all this in 2021.