U.S. Sports Betting News: Around the Horn

It was another exciting week in the world of U.S. Sports Betting. With major news coming out of Florida, New Jersey, and North Carolina, it is clear that the U.S, sports betting industry is going to remain red hot through the next couple of years.

Sports Betting is on the Doorstep in Florida

In recent weeks, there have been rumblings that the state of Florida and the Seminole Indian Tribe have agreed on a new compact that will open the door for Florida residents to legally bet on sports very soon. As part of making that happen, it was incumbent on the U.S. Department of the Interior to give its approval to the terms of the new compact.

More than 45 days ago, the new compact was be sent to the U.S. Department of the Interior for final approval. According to U.S. law, the Department has 45 days to approve or respond to new compacts. Should they fail to respond, the terms of the new compact are assumed to be approved as long as they don't violate the provisions of IGRA. What does that mean for Florida residents?

Effective immediately, they presumably now have the legal right to bet on sports through the retail sportsbooks. However, there is a caveat. The current sports betting legislation gives exclusive rights to sports betting operations to the Seminole Tribe. That has already drawn the ire of commercial sports betting operators that were looking forward to participating in the Florida sports betting market.

At this point, sports betting in Florida will likely be suspended until all conflicts can be litigated. While it could get messy, this was still a big step forward for sports bettors in Florida.

New Jersey Passes Fixed Odds Betting on Horse Racing

Once again, the state of New Jersey is poised to lead the U.S. gambling industry into the future. The state was the first to pass and implement sports betting legislation and now, they are poised to be the first state to offer fixed odds betting on horse racing. The passing of this legislation could revolutionize horse racing in America.

According to New Jersey lobbyist Bill Pascrell III of Princeton Public Affairs Group in an interview with PlayUSA: he stated: “The big, big issue here is introducing an innovative product to horse racing, which hasn’t been done in over 50 years. Number two now, a fixed-odds bet on horse racing is a horse bet, not a sports bet. So it’s not taxed.”

Sports Betting Bill in North Carolina is Still Alive

It would seem reports that sports betting legislation had been tabled until at least next year in North Carolina were premature. In surprising news, it was just announced that SB 688 has successfully made it through the Senate Finance Committee. Now, it will be moved to the Judiciary Committee for discussion and debate.

While North Carolina residents will likely not have the ability to bet on sports until next year, this was positive news that points to sports betting in NC becoming a reality sometime in early to mid-2022.