Now that blackjack tables have been straightened out between the state and the Seminoles, the state of Florida is now turning its attention to online gambling and the possibility of regulating it. This would mean that online blackjack would be available to those in Florida.
There are two aspects of this online gambling regulation that fit together. One, there are one million residents in Florida who gambling online be they online blackjack players or online poker players or a fan of some other online casino game.
Two, despite the Seminole compact and the $1 billion in revenue it will generate, Florida is still around $2 billion short of its budget after considering the compact revenue.
So what can Florida do with its one million residents who gamble online and its budget shortfall?
They can regulate online gambling, thus allowing revenue to be generated from the online gambling.
The Unlawful Internet Gambling Enforcement Act (UIGEA) allows for each individual state to choose whether or not to regulate online gambling within their borders. This compliments the enforcement of UIGEA by the financial institutions. See, US citizens are not banned from gambling online, but financial institutions are banned from knowingly processing transactions between citizens and online casinos.
But if a state were to regulate online gambling, residents of that state would be able to gamble online legally, and financial institutions would not be prohibited from processing those transactions going to online casinos licensed by the regulating state.
In short, if Florida were to regulate online gambling, those of you who are in Florida and play blackjack online would be able to do so. So you would get your online blackjack and Florida would get its revenue.
How much revenue? It is estimated that Florida could make $200 million in the first year and $100 million in subsequent years. While it will not entirely cover the budget shortfall, the revenue would certainly help Florida’s state funded programs.
The race is on between Florida, California and New Jersey to see who will be the first of the fifty to regulate online gambling, and make online blackjack available.