DraftKings targets 2024 Florida ballot for sports betting bill
Boston-based operator “exploring all options” to refile enabling legislation after prior defeat
A failed DraftKings-backed initiative aimed at widening sports betting in Florida to non-tribal operators is likely to be refiled for inclusion in the November 2024 ballot, the operator has confirmed.
DraftKings and rival operator FanDuel had teamed up on the Florida Education Champions (FEC) campaign, with DraftKings contributing $22.7m and FanDuel contributing $14.4m to the FEC over its seven-month lifespan.
The FEC, which operates as a political action committee (PAC), conducted a petition-gathering exercise in the Sunshine State, attempting to garner enough signatures required under Florida’s constitution for an FEC proposed bill to be put to a statewide vote in November 2022.
Specifically, this amendment authorizes sports and event betting at professional sports venues, pari-mutuel facilities, and statewide via online sports betting platforms, and if betting revenues are taxed, taxes must supplement the Educational Enhancement Trust Fund.
However, the campaign failed to gain the required number of signatures by the January 31 deadline.
Despite the multi-million-dollar campaign’s ultimate failure, DraftKings CEO and co-founder Jason Robins remained buoyant about the initiative, suggesting the defeat would not mark the end of these efforts.
In the Nasdaq-listed firm’s Q4 earnings call, Robins gave his assessment of the situation: “In Florida, we were unfortunately not able to get the required number of signatures in time for inclusion on the ballot this November.
“This is due to a variety of factors, including Covid, as well as the compressed time frame given when signature gathering started.”
Robins continued: “We are very encouraged, however, by the over one million individuals who signed petitions in less than eight months, which shows that Floridians do want the opportunity to vote on a competitive mobile sports betting market in the state.
“We are exploring all options to ensure that Floridians get that opportunity as soon as possible. And if we were to refile, we are very confident that, given the extended time frame, we will be able to qualify for the 2024 ballot,” he added.
DraftKings has pursued an expansive program of lobbying for the legalization and regulation of sports betting across the US, through constitutionally geared initiatives and active testimony like its recent actions in Arkansas.
On the West Coast, DraftKings has leant its support to an operator-backed initiative in California which aims to open up sports betting to operators with “significant experience” of sports betting, as a compliment to the existing tribal operators working in the Golden State.
The California Solutions to Homelessness and Mental Health Support Act would funnel taxation revenue to aid social causes in California.
“Legal online sports betting is projected to bring hundreds of millions in tax revenue annually to the state to address two of the state’s most pressing issues, homelessness, and mental health,” Robins said.
“We are confident that the California Solutions to Homelessness and Mental Health Support Act will create a competitive market with the best products and experience for consumers,” he added.
Despite the upbeat sentiments, DraftKings faces a potentially rocky road to getting its way in California, with a 43-strong tribal coalition pledging to wage a “vigorous and well-funded” campaign to derail out-of-state initiatives to widen sports betting.