A new analysis from Sports by online betting company Doc shows that Florida can generate $369.4 million in tax revenues annually if it legalizes and taxes sports betting on average per person nationwide.
“While Florida people can already place bets through the sports betting app, the state hasn’t collected a penny of taxes.
This makes Florida the third highest untapped tax revenue out of 12 holdouts.
Reports The three cities alone could contribute a large portion.
Jacksonville: $16.6 million per year
Miami: $8.1 million per year
Tampa: $7 million a year
For comparison, New York raised over $1 billion from money invested in sports betting taxes, education and infrastructure in 2024.
For years, analysts have said states can generate millions from legalized sports betting.
The state with legal sports betting generated nearly $3 billion in tax revenue in 2024, with top performers leading the way in both collection and public allocations.
Potential tax revenues
Currently, 12 US states are banning legal sports betting. Using a national per capita average of $17.15 in potential sports betting tax revenue, these states could generate more than $219 billion a year if they legalize sports betting.
The largest cities in each illegal state alone could contribute more than $326 million per year in tax revenue.
The US sports betting industry has experienced unprecedented growth since 2018. In just seven years, legal sports betting handles have skyrocketed from $6.6 billion in 2018 to nearly $149 billion in 2024.
This explosive activity generated an estimated $2.83 billion in state tax revenue in 2024 alone, compared to 40 million people in 2018. As shown in the forecast, if all states legalize sports betting, that amount would be over $5 billion in 2025.
