Florida Online Casinos Could Generate $400 Million In Monthy Revenue

The Sunshine State hasn’t sent much sunshine to online casinos.
Currently, iGaming is illegal in Florida, which means anyone within the state’s borders cannot access legal online casinos. While mobile sports betting launched last year, lawmakers have yet to approve iGaming. However, that could change and if it does, Florida online casinos could instantly become one of the biggest markets in the country.
Florida gaming basically runs through one group: the Seminole Tribe of Florida and its Hard Rock Casino brand. The tribe’s casino enterprise, Seminole Gaming, runs all the state’s Class III casinos. Additionally, the Seminole Tribe has exclusive rights to online sports betting, which it offers through Hard Rock Bets.
Typically, states approve online sports betting before they approve online casinos. Lawmakers and residents need time to get used to the concept of online gaming.
The entire Southern region of the United States does not allow online casinos. But, in Florida, there’s hope. Earlier this year, Seminole Gaming CEO Jim Allen told PlayUSA’s Matthew Kredell that the tribe is interested in launching online casinos.
Allen even alluded to the fact that the Seminole may be open to working with multiple operators, not just Hard Rock. Allen mentioned Caesars, MGM, DraftKings and FanDuel
If lawmakers and the Seminole Tribe eventually agree to an online casino deal, it would be a massive win for operators. PlayUSA estimates that Florida online casinos could’ve generated $381 million in revenue in July, the most recent month in which all seven legal iGaming states reported their numbers.
July online casino revenue | Population | Per-capita revenue | |
---|---|---|---|
Pennsylvania | $215.4 million | 13 million | $16.65 |
Michigan | $195.4 million | 9.3 million | $20.65 |
New Jersey | $191.4 million | 10 million | $19.86 |
Connecticut | $41.7 million | 3.6 million | $12.86 |
West Virginia | $20 million | 1.8 million | $9.94 |
Delaware | $6 million | 1 million | $3.90 |
Rhode Island | $2.6 million | 1.1 million | $2.09 |
Average | $96.1 million | 5.7 million | $16.86 |
Florida (projected) | $381 million | 22.6 million | $16.86 |
That $381 million would break Pennsylvania’s existing record for most iGaming revenue in a month: $233.1 million. Florida wouldn’t just break the record, it would obliterate it. The projected $381 million could be much higher, too.
States with larger populations tend to generate more per-capita revenue than states with smaller populations. If per-capita averages for the top three online casino states by population are used, Florida’s revenue could’ve easily exceeded $400 million in July.
July online casino revenue | Population | Per-capita revenue | |
---|---|---|---|
Pennsylvania | $215.4 million | 13 million | $16.65 |
Michigan | $195.4 million | 9.3 million | $20.65 |
New Jersey | $191.4 million | 10 million | $19.86 |
Average | $200.7 million | 10.8 million | $18.58 |
Florida (projected) | $419.9 million | 22.6 million | $18.58 |
What’s incredible about Florida’s online casino potential is that July is a relatively slow month for online casinos. Florida has the potential to pass $450 million in a busy month like March.
With such massive revenue numbers at play, legalizing Florida online casinos would send lightning bolts through the U.S. iGaming industry. While online casinos aren’t typically an arena in which states follow the leaders, Florida could change that by sheer revenue alone.
States like California and Texas would have real-world proof of their online casino revenue potential, as both states have significantly more people than Florida.